We’re working hard to create a more sustainable future for Pembrokeshire while reducing our carbon emissions.
Giles McNamara, Finance Director
Business overview
Bluestone is a family and employee-owned luxury holiday resort that operates a National Park Resort in Pembrokeshire. One of the premier tourist attractions in Wales, the 500-acre holiday resort attracts over 150,000 visitors per annum and has over 850 employees, making it one of the largest employers in West Wales.
Founder
William McNamara, Chief Executive - raised on the family farm in Pembrokeshire, William later created his own dairy farm and founded Oakwood, Wales’s first theme park. Although a successful business, Oakwood was an outdoor attraction, which was reliant on the short summer season.
William knew that a year-round holiday venue with undercover attractions and accommodation on site was what Pembrokeshire needed. Following years of planning, he opened Bluestone in July 2008.
Taking steps towards sustainability
Bluestone is committed to operating and growing as sustainably as possible and has undertaken a number of initiatives to improve its green credentials. These include measures to protect and enhance the biodiversity of its surroundings, such as planting trees and attracting a diverse range of flora and fauna back to the area. The business has also steadily reduced its carbon emissions by transitioning its fleet to electric vehicles, moving to bio-LPG known as bio propane, and changing the way it services biomass boilers to improve energy efficiency.
With the help of our funding, Bluestone has built a 3.2 megawatt solar farm that will provide over 30% of the electricity the site needs.
The business has plans to further its sustainability journey, including a potential investment in battery storage and wind turbines. It has a vision to be energy self-sufficient ten years from now and to be net zero by 2040.
How the funding helped:
- Date of most recent funding round: December 2023
- Size: Undisclosed
- Co-investors: Barclays UK
- The funds: Green Business Loan Scheme, Wales Flexible Investment Fund and Wales Tourism Investment Fund
The total loan facility will enable Bluestone to continue with a major sustainable investment programme that is already underway, including the ongoing development of the resort and the development of a 5-hectare solar farm that will generate 3.2 megawatts of electricity a year. The new solar farm is expected to immediately cover over 30% of Bluestone’s annual electricity usage and the business estimates that the investment in generating renewable energy will pay for itself within 3 to 4 years.
The syndicated funding partnership approach will see Barclays take the role of Sustainability Coordinator, overseeing the KPIs that have been agreed for further sustainable development at Bluestone. These include improving biodiversity net gain, reducing emissions intensity and annually achieving their Green Key eco-accreditation, an international label awarded to accommodation and hospitality facilities that commit to sustainable business practices.
What people are saying
This is a major strategic investment for the Welsh tourism industry that has been made possible by us working together with Barclays to form a syndicate that leverages our collective strength and commitment to fostering social and sustainable development.
It’s the first of its kind for us and it’s particularly pleasing that our combined firepower will be used to fund investment in sustainable green energy generation and unlock growth for Bluestone as a well-established year-round tourist destination.
Our ability to deliver this funding has been due to a fantastic team effort and making the most of our scale to back a strategic project of this size. By combining the range of funds at our disposal, we’ve been able to support the business' aims that also benefits the long-term sustainable future of tourism in Wales.
Nick Stork, Fund Manager, Development Bank of Wales
Our partnership with the Development Bank is a reflection of our approach to sustainable finance, providing the capital required to transform the economies that we serve.
As the call for higher sustainability standards in businesses increases, we are leading the way together with Bluestone as they continue to invest in Pembrokeshire. In fact, we believe this to be one of the first deals in Wales with biodiversity-linked KPI’s.
Our role as Sustainability Coordinator means that we will be monitoring the agreed KPI’s as part of our investment management processes to demonstrate how sustainable practices can contribute to robust financial performance. It’s a really exciting opportunity that we’re delighted to be partnering with the Development Bank on.
Simon Vittle, Director of Large Corporates, Barclays
We’re working hard to create a more sustainable future for Pembrokeshire while reducing our carbon emissions.
We employ more than 850 people and support Welsh businesses by contributing over £7 million in annual expenditure into the local supply chain. Our business performance extends beyond profits, and this is a testament to our commitment to social and environmental responsibilities.
Giles McNamara, Finance Director
