£6million refinancing deal for marina development

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Lawyers from the Sheffield office of Irwin Mitchell have advised on a £6 million refinancing deal that will allow Madecorn Leisure to push ahead with significant development at Mercia Marina near Willington, in Derbyshire.

The deal, with Co-operative Bank’s Sheffield office, will allow Madecorn to develop new facilities that will include a gastro pub, eleven retail units and up to five offices.

Irwin Mitchell’s Real Estate team has been involved in work related to the £7 million Mercia Marina, which opened in 2008 and includes more than 580 berths for narrowboats and cruisers, since the initial development of the 70-acre site.

Irwin Mitchell solicitor Maxwell Marrison said: “This deal is testament to the fact that, despite the difficult times faced by many businesses, banks are more than willing to provide support to well-run firms with big plans for the future.

“Since its opening, work on the Mercia Marina site has really pushed forward and Madecorn’s development plans will provide excellent top-class services to both regular users of the marina and the local community.

“We are delighted with our continuing relationship with Madecorn and look forward to helping the firm as the new facilities become available.”

Mercia Marina’s Robert Neff said: “Through the development and operation of Mercia Marina we have worked with Irwin Mitchell on many commonplace issues as well as a surprising number of very unusual ones, and have found them capable of dealing with both very effectively.

“This refinancing of existing lending facilities along with the new facilities agreed with The Co-Operative Bank means we can now press ahead with the development of the iconic pub as well as the shops that we have planned for so long.”