The FINANCIAL -- Barclays
has delivered a £6.25m deal for the thriving Manorview Hotel and
Leisure Group, continuing its strong record of business lending in
Scotland, according to Barclays, a global financial services provider.
The package includes refinancing of an existing arrangement, investment capital expenditure and a loan to fund new acquisitions. The deal also qualifies for Barclays Cashback for Business, Barclays’ delivery of the Funding for Lending Scheme, which provides Manorview with an upfront cash injection of 2% of the value of the loan, according to Barclays.
Manorview’s portfolio of properties spans mid-market to luxury hotels which have become well-established with business and leisure travellers in the west of Scotland. Led by Managing Director Steve Graham, the Howwood headquartered business has undertaken a prudent expansion plan over the past two years recently acquiring two additional properties.
Manorview currently has six hotels in operation: The Lynnhurst, Johnstone; The Commercial Hotel, Wishaw; The Bowfield, Howwood; The Torrance Hotel, East Kilbride and the newly acquired Redhurst and Busby hotels in Giffnock and Clarkston respectively.
Head of Corporate Banking Jamie Grant, Relationship Director Helen Hutchison and Business Development Director Paul Smith led the deal team.
“Barclays’ long term approach matched our aspirations for future growth and the team’s enthusiasm and knowledge of the business was refreshing. Our strategy of secure and steady expansion has allowed us to grow our business in a market which has been suppressed by consumers’ falling disposable income," said Steve Graham, Managing Director, Manorview Hotel and Leisure Group.
“By focusing on delivering value for money for our customers we have established a strong footing in the Scottish hotel and leisure sector, one which I am confident of retaining with Barclays’ ongoing support,” he added.
“We are increasing our presence in the hospitality and leisure sector where we believe there are strong opportunities for operators like Manorview. The company has been astute in taking advantage of competitively priced assets coming to the market and using their extensive knowledge and experience to turn them into profitable businesses," said Jamie Grant, Head of Corporate Banking, Barclays, Scotland.
“Our relationship approach meant we worked closely with Steve and his team to understand the business and its ambitions, delivering a tailored solution that will evolve with the company. The Barclays Cashback for Business Scheme further cements our support for Manorview, providing an invaluable immediate cashflow boost and delivering the benefits of the Funding for Lending Scheme in a tangible form,” he added.