BANK of Scotland pledged to continue supporting growth-focused Scottish businesses as it outlined details of a £29 million funding package to Edinburgh-based Apex Hotels.
“We’re committed to supporting ambitious business like Apex Hotels as they expand into new markets, which will allow them to drive long-term growth,” said Bank of Scotland relationship director Alistair Macpherson.
The bank said the £29m revolving credit facility would help Apex expand its UK portfolio with the development of its first hotel in Bath. The funding covered the repayment of a £13m term loan from Bank of Scotland to buy the site in Bath, which Apex is developing into the city’s largest hotel.
Due to open in the summer of 2017, the £35m, four-floor Apex City of Bath Hotel will have 177 bedrooms, a swimming pool, gym and conference and meeting facilities for more than 420 people.
Up to 120 full time jobs are expected to be created in areas including front of house, kitchen and housekeeping.
“The new hotel in Bath is an exciting opportunity for the group and we’re proud to have secured a great location in a booming city,” said Apex Hotels chairman Ian Springford, whose father Norman founded the business in 1996. “With the new development, we’ll be able to offer a new contemporary hotel to the people of Bath, ideal for both tourists and professionals travelling to the city.”
The company, which currently operates nine four star hotels in London, Edinburgh, Glasgow and Dundee, reported an 11 per cent increase in underlying profits to £10.6m on group turnover up 2 per cent to £57.2m at its full year results in February.
“Following a strong financial performance, our expansion marks the company’s 20th anniversary with a new venture that supports our long-term visions of growth,” Mr Springford added.
Mr Macpherson at Bank of Scotland said Apex Hotels has delivered strong growth in recent years thanks to its expansion into new regions and added: “The business has a reputation for high quality service and facilities and we’re pleased to have supported its first venture in the south west.”
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