Manorview Hotels & Leisure Group secures £3.25m loan from Barclays
A £3.25 million loan from Barclays has provided Manorview Hotels & Leisure Group with the funds required to navigate the coronavirus lockdown and recovery.
This follows a separate £2.85m loan from the bank earlier this year which is financing the refurbishment of Manorview’s Redhurst Hotel in Giffnock. The hotel is due to re-open its doors within the next twelve months once the currently postponed renovation work is complete.
Manorview has eight sites across the central belt including Boclair House Hotel in Bearsden and Cornhill Castle in Biggar. The group employs over 550 people and on March 17 closed all its venues overnight due to the pandemic.
The management team identified the business needed a loan to ensure it had the finances and liquidity it required throughout this period.
The five-year loan from Barclays has an extended repayment profile, which provides more flexibility for the group and will free up funds for cash flow and reinvestment into the business, its venues and the continued development of staff.
This bespoke approach will ensure more tailored support through lockdown and into the coming months when the business will begin operating again.
In response to the current pandemic, Manorview’s Bowfield Hotel & Country Club in Howwood, Busby Hotel in Clarkston, Torrance Hotel in East Kilbride and Lynnhurst Hotel in Johnstone are accommodating NHS workers and acute service teams on the front line at no cost. This new package of financial support has ensured the Group remains in a position to be able to offer this.
David Tracey, managing director at Manorview Hotels & Leisure Group, said: “Over the years we have built up a strong relationship with Barclays which is based on a mutual trust. As is the case with many businesses, COVID-19 hit our industry hard. To safeguard our company and the jobs of our team, we had to move fast. We are grateful for the quick engagement and support of Barclays which expedited our decision making and has enabled us to plan for the future.”
Gordon McKean, relationship director at Barclays Corporate Banking in Scotland, who led the deal team, added: “In addition to the government-backed business interruption loan schemes there are a number of ways Barclays is supporting businesses through the pandemic. In this case, we were able to quickly put together a tailored solution for Manorview which best fitted the Group’s needs.
“The loan we have structured will ensure this commercially successful business is not only supported throughout these unprecedented times but is also in a strong position to the hit the ground running and get back to full strength in the months ahead.”