Princess River Cruises, based in Colwick, Nottingham, is expanding thanks to financial support from HSBC.
The business has invested the funding from HSBC in a new timber lodge and boarding point including a restaurant and fully-licensed bar as well as reception room and veranda. The premises, which overlook the River Trent, is located at the site where traditional steam boats would have moored over 100 years ago, making it a focal point for tourism in Nottingham.
The funding package will enable the business to set its sights on ambitious growth, taking advantage of the thriving tourism industry in the area. To support the expansion, the business has recruited an additional ten members of staff to work at the new site.
A well-established business, Princess River Cruises, offers a range of day and evening cruises on deluxe river cruise boats. The vessels which are purpose-designed leisure cruisers can carry from 60 to 150 passengers aboard.
Joseph Wilson, Founder and CEO at Princess River Cruises, said: “HSBC’s support, through a development finance loan has allowed us to move forward with our expansion plans. The bank has been part of the growth of the business and the support from HSBC has enabled us to build the new site with a view to taking full advantage of the tourist industry in Nottingham.”
David Slane, Area Director for Business Banking in the North East and Cumbria, added: “We are thrilled to support the expansion of Princess River Cruises and Joseph’s ambition to expand the business to create a major tourist attraction. It’s fantastic to see the vision for growth that Joseph has planned and we are proud to support the business as it enters this new exciting phase.”
HSBC has a £500 million lending fund to support small and medium-sized enterprises (SMEs) in East-Midlands as part of a broader commitment to helping British businesses prosper. The fund is part of a wider £10bn fund for SMEs across the UK.