The development will also extend the port’s revenue base by handling additional new cargoes and associated port centric distribution activities.
The Port of Dover is Europe’s busiest ferry port, a vital international gateway for the movement of passengers and trade, handling up to £119 billion of trade per annum.
RBS secured the financial advisory mandate to counsel at an early stage on the project. The total projected costs for the entire Dover Western Docks Revival are likely to be in excess of £250m. This is being funded through cash resources, long-term debt finance and a Revolving Credit Facility of £90m, of which RBS provided 50%. This project will safeguard 140 existing jobs, as well as creating up to 600 new roles, and supports the Port of Dover’s commitment to becoming the best port in the world for the benefit of its customers and community.
The port supports around 22,000 jobs primarily in the local Kent community and is therefore central to the success of the local economy. It is also an award-winning cruise port, the second busiest in the UK and hosts some of the world’s most prestigious cruise lines. Other successful businesses within the port include a cargo terminal, a top award-winning marina and several niche activities
Tim Waggott, CEO, Port of Dover comments: “RBS took the time to understand our plans for Dover Western Docks Revival so that they could structure their support of this exciting development in the most flexible way for the Board.”
John Redfern, Head of Corporate South East, RBS adds: “It’s fantastic to be able to support a development that will have such a positive impact for the local community and build’s Britain’s maritime heritage and trade globally.”
Will Cuthbert, Head of Transport and Transport Infrastructure, RBS continues: “The Ports sector is core to our infrastructure financing proposition and central to our support for British exports and connectivity with Europe. Supporting the Port of Dover in its investment plans is part of RBS’s strategy to grow its lend to important infrastructure projects in the UK.”