A nursery group has secured more than £1m to expand and upgrade their sites in North Wales.
Springfield Day Nurseries Ltd has agreed a seven-figure refinance package structured by Allied Irish Bank (GB) to support future growth.
The family-run business has five sites across Conwy county - with the first opened in the West End of Colwyn Bay more than 30 years ago.
Since then they have added a second site in Colwyn Bay, purchased a nursery in Conwy in 2010 and added sites in Llandudno in 2011 and Abergele in 2017.
The funding provided by Allied Irish Bank (GB) will support the group’s plans to expand and upgrade facilities across its sites, with plans to start with the nursery at Abergele in a move will create six new jobs.
Next year will see the Conwy nursery benefit from expansion and in turn create extra jobs.
Turnover is also expected to increase for Springfield Day Nurseries by £500,000 from its existing turnover of £2.1million.
David Booth, from Allied Irish Bank (GB), structured a refinance package and was introduced to Springfield by Paul Smith at Duff & Phelps.
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David Edwards and his wife Suzanne have run the company since 2005, after acquiring the business from the previous owner who started it in 1972.
Mr Edwards, said: “The refinance package has transformed our business strategy thanks to a refreshing approach from our advisors and Allied Irish Bank (GB). David Booth really took the time to understand our business model and as a result consolidated our lending requirements, reducing interest rates and providing us with greater financial stability.
“The funding sets Springfield Day Nurseries up for future growth, giving us increased confidence and opportunity for the business to mature.”
David Booth, relationship manager at Allied Irish Bank (GB), said: “I am delighted to assist Springfield Day Nurseries with their plans to enhance their nurseries and structure a funding package that is much more tailored to their future growth strategy.
“They are one of the largest operators in this area and have established a superb reputation of providing the very best of care to their children.”
Management was advised by Duff &Phelps Debt Advisory.
Paul Smith, managing director, debt advisory, Duff & Phelps, said: “This was a superb outcome for Springfield Day Nurseries enabling it to look forward to the future with confidence.
“This refinancing deal will see the business expand, putting it on a firmer financial footing, and one that bodes well for the future. We were delighted to be part of this deal which will ensure Springfield Day Nurseries will prosper long into the future.”