Partner Article

Manchester funder supports Sefton Group with refinance

The Manchester office of Allied Irish Bank (GB) has facilitated a refinance package to assist Isle of Man-based company Sefton Group plc as it announces a further improvement in profitability.

The Sefton Group plc has announced a further increase in profitability in 2015 at its AGM which took place on Friday 21st October in Douglas, Isle of Man, as well as the completion of a deal to re-finance its Best Western Palace Hotel and Casino site in Douglas, and a ten-year renewal of its Casino licence.

The refinancing has been facilitated in the main by Allied Irish Bank (GB), with one of the Sefton Group plc’s largest shareholders, Sunningdale Investments, providing a smaller, supporting loan.

Sefton Group plc Chairman, Clive Parrish, commented: “The positive financial results we have announced for 2015, coupled with the deal to refinance the Best Western Palace Hotel and Casino site, really does underline the Sefton Group plc’s long-term commitment to the Isle of Man. This deal will help to provide an even more robust financial platform upon which we can develop our flagship hospitality and leisure operation for the benefit not only of our customers, employees and shareholders, but also for the Island and its visitor economy.”

Allied Irish Bank (GB) Relationship Manager, Evan Geoghegan, added: “Allied Irish Bank (GB) has an in-depth understanding of the complexities, challenges and changes facing businesses today. We’re therefore pleased that through our insight and flexible approach, we have been able to design and deliver a bespoke re-financing product to support the Sefton Group plc and we look forward to further developing our working relationship with its Chief Executive, Brett Martin, and his team in the future.”

Allied Irish Bank (GB) was advised on the deal by Tom Brook and Alexandra Watterson of Appleby (Isle of Man) and Rick Sealy at Gateley Plc in the Manchester Office. Sefton Group plc was represented by Lesley Webb of Callin Wild (Isle of Man).

Knox Capital Solutions Limited (KCS), an Isle of Man based broker, has played a significant role in facilitating the deal with Allied Irish Bank (GB). Engaged at an early stage, KCS performed an extensive search of financial institutions, with Allied Irish Bank (GB) being a clear ‘best fit’, before supporting the deal through to draw-down.

KCS Managing Director, Ed Ogden, commented “I was delighted to be approached by the Sefton management team to assist with the refinancing of the Best Western Palace Hotel and Casino, and in doing so to support the future of one of the Isle of Man’s flagship leisure and hospitality brands.”

This was posted in Bdaily's Members' News section by Caroline Marsden .