ASM Corporate Finance (“CF”) led on Bangor Marine Limited’s successful application to the Government’s Levelling-Up Fund, which resulted in the company securing nearly £10 million of grant funding to invest in the regeneration of Queen’s Parade in Bangor City, Co. Down.

Bangor Marine Limited is a joint venture partnership between Jeras Limited (part of the Karl Group) and Northstone (NI) Limited (part of Farrans Construction) created specially to deliver the project.

The project known as the Marine Gardens Public Realm involves the regeneration and creation of a new public waterfront garden and amenity space for events and activities to benefit residents and visitors alike.

The Government’s Levelling Up Fund, was established to create opportunities for everyone across the UK by: improving jobs, pay and living standards; making streets safer; protecting health and wellbeing; investing in high streets and town centres and improving local transport.

 The success of the bid will facilitate the redevelopment of the Queen’s Parade area of Bangor which has been largely derelict for almost 20 years. The site, which occupies a prominent position overlooking the main Queen’s Parade coastal road and Bangor Marina is, and has been, visually unattractive; regarded by many to be a key factor diminishing the vitality and vibrancy of the entire town centre. The regeneration will create a vibrant and attractive space reconnecting the city with tourism and recreational value on the coast.

In relation to the bid’s success, Aran Blackbourne, Managing Director of Bangor Marine Limited, noted that:

“…ASM played a critical role in Bangor Marine Limited securing the £9.8 million LUF funding. They led the application process, providing strategic direction and advice in all aspects of our business case. We would like to thank the ASM team for their professionalism and experience which have been invaluable.”

Grainne Quinn, Director of ASM noted:

“We have thoroughly enjoyed working with the dynamic team within Bangor Marine, and are delighted that they have secured the requested £9.8 million funding from the Levelling-Up Fund. We look forward to the delivery of this transformational project, which will have long term economic, community and social benefits for Bangor and the wider area ….”

The ASM Corporate Finance team advising on the application was led by Grainne Quinn (Director) assisted by Donna Doherty and Hannah Dickson (CF Managers).