New backing for Circuit of Wales

The developer behind the proposed Circuit of Wales has partnered with a private banking firm and the agreement is set to provide about £100m to support the project.Kleinwort Benson’s Private Merchant Banking (PMB) team has been appointed as corporate finance adviser to the Circuit of Wales (CofW) development.The firm has previous experience in advising on major infrastructure projects in the UK, including the new £4bn London theme park at Ebbsfleet.It is understood that the agreement will bring in about £100m and could represent the final element of funding required.The £425m Circuit of Wales will feature 5.3 km International racing track with an agreement in place to host the UK round of MotoGP World Championship.It will also feature retail, hotel, accommodation and leisure facilities as well as industrial and commercial space for motorsport research and automotive supply chain businesses.The facility has been designed by Populous, the architecture practice behind the 2012 London Olympic Stadium.