A NORTH Lancashire leisure firm is looking to expansion in the UK following a successful multi-million pound refinancing with HSBC.

Pure Leisure Group, which operates 11 holiday parks across the country, including two in Hale and two near Carnforth, switched a total of £40 million in debt facilities from its previous lenders to the bank.

The long-term refinancing is expected to help the Yealand Redmayne-headquartered business focus on growth, including acquisition of new sites in the UK.

As well as holiday parks across the North West and Midlands, the Group owns the luxury Royal Westmoreland resort in Barbados.

Founder John Morphet set up the business in 2004 after selling the previous successful holiday park operation, South Lakeland Parks.

In addition to the overall refinancing, HSBC was able to offer a range of improved payments and cash management solutions to the group, replacing services from different banking providers.

As well as improving BACS payments systems using HSBCnet, Pure Leisure consolidated corporate cards across their sites and simplified processes for receiving Direct Debit payments from customers with monthly gym memberships at their parks.

Group managing director Nigel Wimpenny said: "The new facilities secure the group’s future, provide a platform for growth in the UK, and give us strategic options at Royal Westmoreland. HSBC have provided a compelling total banking package."

The deal was overseen by HSBC relationship director Chris Mackenzie, part of the Lancashire & Cumbria Corporate banking team, which is led by Jason Gledhill.

Mr Gledhill, said: “Pure Leisure is one of the UK’s leaders in leisure and holiday parks, and John Morphet is major figure in Lancashire business. That’s why we are delighted to have the opportunity to become part of the group’s long-term plans - streamlining their payments processes across sites and delivering a financing package that positions them for growth and expansion. HSBC is determined to support ambitious businesses like Pure Group.”