A North Yorkshire husband and wife have purchased Ruswarp Pleasure Boats using a flexible business loan from HSBC UK.

Neil and Jeanette Pearson have owned and operated Chainbridge Riverside Retreat, located near Whitby on the River Esk at Ruswarp, with their family since 2011. The Retreat includes seven holiday cottages, a miniature railway and a fully licensed café which Neil and Jeanette also opened in 2012.

Ruswarp Pleasure Boats is located 200 metres away from the Retreat and offers 17 rowing boats, 18 kayaks and a boat launch that visitors can use to launch boats, all for seasonal hire. The Pleasure Boats property also includes a freehold building, which the Pearsons plan to update and use as their primary residence. Almost 150 years old, Ruswarp Pleasure Boats was established in 1874.

Following assistance and support from accounting and business advisory firm, Baldwins, a CogitalGroup company, the couple were introduced to HSBC UK.

Jeanette Pearson, Owner, Ruswarp Pleasure Boats, said: “When Ruswarp Pleasure Boats came on the market for sale, it seemed like a very natural fit for us, and we were thrilled that HSBC UK and Baldwins supported our ambition to expand our leisure offering in the area, providing our guests with a relaxing break along the River Esk.”

David Slane, Business Banking Area Director in the North East, HSBC UK said: “Jeanette and Neil are very experienced operators in the leisure sector and we are pleased to support the expansion of their business and the offering they provide to locals and tourists in North Yorkshire. The region is home to a buoyant leisure sector and HSBC UK is dedicated to supporting ambitious businesses in the region.”

Andrew Grundy, Associate Director of Baldwins, who advised the Pearsons on the deal, added: “We were thrilled to work with Jeanette and Neil to find the most suitable lender and to help them secure this transaction which will see their company grow. Baldwins has a strong relationship with HSBC UK and the firm has a highly capable and skilful North East team so together we were able to achieve the best deal for the Pearsons.”

The finance was allocated from HSBC UK’s national SME Fund, which aims to actively help UK businesses realise their ambitions for growth and navigate Brexit. The new £14 billion SME Fund has recently been announced by HSBC UK, with £350 million committed to supporting SMEs in Tyne Tees and Cumbria.

Baldwins specialises in accountancy and business advisory services, including corporate finance and specialist tax advice to all businesses from start-ups to mature companies, across a broad range of business sectors.