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City of London law firm, Druces LLP has advised Belvedere Leisure Resorts PLC on £25m bond issue to fund luxury Scottish leisure resort

Druces’ Capital Markets team has advised Belvedere Leisure Resorts PLC (NEX: BELV) (“Belvedere”), in connection with the admission of a 6.25% secured bond raising up to £25,000,000 due on 5 December 2024. Alfred Henry Corporate Finance Limited were appointed NEX Corporate Adviser.

Belvedere is a recently-formed, wholly-owned subsidiary of Belvedere Leisure Park Limited (“BLP”). BLP is a holding company, established in 2015, that owns Barncrosh Farm, Bridge of Dee, Castle Douglas, Dumfries & Galloway, Scotland, with full planning permission to install a lodge park resort comprising of 444 luxury holiday lodges with four-star central facilities and all other required facilities set amongst 109 acres, to be operated by Landal GreenParks UK Limited, part of one of Europe’s leading managed vacation rentals and holiday resorts businesses.

The net proceeds of the fundraising exercise will be loaned to BLP and will be deployed to build out phase one of the leisure park leading to the opening of the resort to the public.

Druces Corporate Partner, Christopher Axford, led the Druces’ team which also included David Bennett (Partner, Corporate), Paul White (Partner, Tax), Cheryl Michalik (Corporate) and Rollo Speak (Corporate).

Christopher Axford, Partner, commented: “We were delighted to assist Alan and the team at Belvedere to enable the financing of an exciting leisure development in Dumfries & Galloway for Belvedere Leisure Park Limited. The NEX Growth Market is a good fit for debt issuances such as the Belvedere project and is becoming a popular option, particularly in light of recent concerns to ensure a tighter regulatory environment for bonds.”  

Alan McNamara, Chief Executive Officer of Belvedere commented: “We have a very close working relationship with Druces and their advice and commitment during this transaction was invaluable. We are grateful to Chris and the team at Druces for supporting us to complete the transaction and through the process of gaining admission to NEX in an efficient and effective manner.

A copy of the announcement and Belvedere’s admission document can be accessed on Belvedere’s website at www.belvedereleisureresortsplc.com/copy-of-about-us.

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For further information or media enquiries, contact Rachel Hill:
Rachel Hill, Business Development & Marketing Assistant
Druces LLP
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r.hill@druces.com