Clearwater International advises on the €24m refinance of Royal Westmoreland, Barbados




Clearwater International’s Debt Advisory team led the €24m refinance of Royal Westmoreland in Barbados, which was funded by Grovepoint Credit.

Pure Leisure Group (PLG) has secured a €24m funding line to refinance existing borrowings against Barbados-based luxury golf and spa resort Royal Westmoreland (RWM). The funding secures continuity of PLG’s ownership of Royal Westmoreland and in doing so unlocks exciting plans for the development of the Barbadian resort.

PLG is a leading UK caravan and lodge holiday company with 11 park locations, headquartered on the Lancashire-Cumbria border. The owner, John Morphet, is a leading entrepreneur who has been prominent in the UK leisure industry for over 25 years.

PLG owns a 100% stake in Royal Westmoreland, which it acquired in 2004. RWM is a world-class 750 acre premium residential development with an award winning 18 hole Championship golf course. Located in a prime position overlooking the west coast of Barbados, Royal Westmoreland boasts stunning views of the Caribbean Sea with easy access to its own private beach. The development also features a newly refurbished clubhouse with a  bar, locally inspired restaurant and a full suite of spa facilities.

Clearwater International advised John Morphet and Pure Leisure Group on the refinance.

“We are delighted with the guidance provided by Clearwater International in order to complete the refinancing of Royal Westmoreland. We were looking for a funding partner that could support our UK operations, as well as the development of our business in Barbados. Clearwater International’s support proved invaluable in structuring the right deal with the right partner to truly fit the needs of the business.”

Nigel Wimpenny, Managing Director at Pure Leisure Group

“It was important that PLG secured the right partner for its refinance. The funding secured from Grovepoint will allow the business to move ahead with plans to unlock the full potential of the asset. This is a fantastic deal for Royal Westmoreland and its owners.”

Mark Taylor, Head of Debt Advisory at Clearwater International