Hugh James has played a central role in helping to secure a vital new funding package for the iconic International Convention Centre Wales. The seven-figure package will help secure the future of the 26,000 sqm venue, which has been badly affected by the COVID-19 pandemic – as hospitality and events businesses have been forced to close.
The Hugh James legal team advised all three parties in securing the seven-figure equity package provided by NatWest and joint shareholders Celtic Manor Resort Ltd and Welsh Government.
Partner and Head of the Hugh James Banking and Finance team, Dominic Marshall advised ICC Wales on negotiating the new loan, supported by Associate Sarah Rice and Solicitor Emma Lewis. Meanwhile, lawyers in the Hugh James Corporate and Commercial team advised the shareholders – with Welsh Government supported by Partner and Head of Department Gerallt Jones and the Celtic Manor Resort Ltd supported by Jon Fernandez Lewis.
Head of the Banking and Finance team, Dominic Marshall, said today:
“This is such an important development for the ICC Wales and we’re proud to have played a part in helping to secure its future at such a devastating time for the events industry. The International Convention Centre is a landmark of Wales – and its economy – and a business with global reach. We want to see it flourish for decades to come and this deal puts it on a much firmer footing to do just that.”
The £83m venue opened its doors in September 2019 and hosted a number of successful events before the shutdown in March due to the coronavirus pandemic. It has now been closed longer than it has been open.
Hugh James has been advising and supporting the ICC Wales, Celtic Manor Resort Ltd and Welsh Government for years, including in the creation of the joint venture and throughout the build of the convention centre. It has continued to support all three parties throughout the pandemic.