Bright Future for Mercia Marina following Refinancing Deal

14th May 2012

Irwin Mitchell Advises On Continuing Development At Derbyshire Site Lawyers at Irwin Mitchell in Sheffield have advised on a £6 million refinancing deal which will allow Madecorn Leisure to push ahead with significant development work at the Mercia Marina near Willington.

The refinancing with Co-operative Bank's Sheffield office will allow Madecorn to continue with its plans for the site, which include the development of facilities including 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. Maxwell Marrison, the solicitor at Irwin Mitchell's Sheffield office who provided advice on the refinancing and has ongoing involvement with lettings on behalf of Madecorn, 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. Robert Neff, General Manager and Partner of Mercia Marina, commented; 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.