Weston-super-Mare Grand Pier's future secured by seven-figure bank deal
PUBLISHED: 12:55 28 January 2017
The future of Weston-super-Mare's Grand Pier has been secured thanks to a seven-figure refinancing deal which means more than 100 jobs have been safeguarded.
The pier, which was built in 1904, was bought by the Michael family in February 2008.
They invested millions to refurbish the tourist attraction but it was destroyed by fire just a few months later, in July 2008.
The family then spent two years rebuilding the pier and it re-opened to the public in 2010 and has since become one of the South West’s biggest tourist attractions.
The pier employs more than 100 people during the peak holiday season in the summer.
But, its staff are kept busy all year round as the venue is not only used by tourists and people living in Weston, but also for weddings, concerts, charity balls and conferences.
Now the pier has secured a commercial loan worth seven figures from NatWest bank.
The loan has secured the future of 50 full-time jobs at the attraction, as well as 100 seasonal jobs.
The pier’s co-owner and director, Michelle Michael, said: “We have been steadfast in our commitment to restoring the site to its former glory and shaping the pier into a modern attraction which appeals to locals and visitors alike.
“We have always enjoyed strong support from the community, and this backing from NatWest will allow us to ensure the pier is maintained to a high standard and remains a world-famous venue.”
The pier is home to a range of attractions, including go-karts, arcades, cafés and bars and it also works closely with schools and community groups.
NatWest relationship manager Matthew Cook said: “The pier is a hugely significant part of the local economy and the Michael family’s investment has led to further developments in terms of infrastructure and tourism.
“Playing a part in its continued success is a real source of pride for NatWest.”