A Scottish hotels group has secured a £60 million bank refinancing package as part of expansion support into rural locations for the first time.
The family-owned Apex Hotels group acquired Pine Trees Hotel in Pitlochry, marking its first property in rural Scotland as it seeks to diversify its portfolio, as part of the Barclays deal.
The bank financed the purchase as part of a wider package to support Edinburgh-based Apex Hotels’ growth and investment in its current estate, including future acquisition opportunities in the rural hotel market.
The recent sale of Apex London Wall Hotel was described as a positive move to support the hotel group’s growth plans, and "together with Barclays ongoing support it will serve to accelerate a period of expansion over the next few years”.
Angela Vickers, Apex Hotels’ chief executive, said: “Barclays refinancing package as well as their hospitality industry expertise will help to accelerate our ambitious growth plans, not only to support continued investment in our existing city centre hotels, but to help us build a more diverse portfolio across rural and urban locations throughout the UK.
“Demand for high-quality hotels in the UK has never been stronger. The acquisition of Pine Trees Hotel kickstarts our growth strategy and the brand is perfectly positioned to capitalise on the tourism resurge by putting guests at the heart of everything we do.”
Jamie Grant, managing Director of Barclays Corporate Banking in Scotland, said: “Our hospitality and leisure expertise has meant that we have supported Apex Hotels with a high-value finance package of £60 million to help secure the purchase of Pine Trees Hotel.
“As hospitality and leisure operators continue to invest in property, acquiring new venues and in much-needed environmental upgrades, tailored finance packages and relevant experience are key to giving clients what they need, with the added benefit of advice and introductions to relevant contacts.
“Our role is more than finance providers. We are there as collaborators and partners to support our clients, helping inform decisions and achieve business opportunities.”
The Pine Trees deal team was led by Malcolm Crawford and Gordon McKean at Barclays corporate banking.
Apex Hotels is a family-owned four-star hotel group with “chic city centre” and rural properties. Eight city centre hotels are in some of the UK’s most popular destinations, London, Bath, Edinburgh, Glasgow, and Dundee.
Famous Scottish brand reveals major change
Irn-Bru manufacturer AG Barr has revealed its 58-year-old chief executive, Roger White, is to retire from the company within 12 months after more than 21 years at the helm.
It said: “The board will immediately commence a formal succession process, including an external search, to ensure a smooth leadership transition.”
Orkney to host drone delivery service for island mail
The UK’s first drone delivery service which can be conducted on a permanent basis has been launched in Orkney to provide locals with their mail.
Royal Mail and Skyports Drone Services have launched the Orkney I-Port operation to distribute letters and parcels between the islands, in partnership with Orkney Council Harbour Authority and LoganAir.
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