A SCOTTISH hospitality business has been handed a major vote of confidence by clinching a multi-million-pound funding deal.
The Spires serviced apartment chain, which has properties in Glasgow, Edinburgh, Aberdeen, Cardiff, and Birmingham, has secured a refinancing package worth £8 million from The Cumberland Building Society. It underlines the faith which has been shown by the Carlisle-based lender in the Scottish hospitality sector, following a series of funding deals in recent months.
Businesses backed by the Society include the Monachyle Mhor Highland estate, The Wellpark Hotel in Oban, and Carlowrie Castle hotel on the outskirts of Edinburgh.
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Cumberland said it fought off competition from several other funders to secure the business with The Spires, which it said has been recognised for the strength of its balance sheet and trading position.
Margaret Beattie, owner of The Spires, was forced to refinance after its previous backer decided to exit the small and medium-sized enterprises sector.
She said: “I originally looked at a few different banks in Scotland, but they didn’t have an appetite to support a business in the hospitality market.
“It wasn’t until the brilliant team at Bespoke Business Finance widened the search that things started to look up.”
She added: “It was The Cumberland's commitment to building a genuine relationship with me which stood out the most, making them the ideal financial partner.”
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Derek Smith, business development manager at The Cumberland Building Society, said: “We recognise a current lender’s lack of financial support can significantly impact a business owner’s confidence, but we pride ourselves on an approach that goes beyond transactional relationships to ensure the flourishing of the businesses we support.”
“We are thrilled to be able to support The Spires with a significant funding package. At The Cumberland we believe in the power of the personal touch, and we are confident that our dedicated support will contribute to the continued success of The Spires. As we embark on this exciting partnership, we look forward to seeing Margaret’s business go from strength to strength. This collaboration embodies our commitment to fostering growth within the communities we serve,” he added.
Ms Beattie’s involvement with The Spires stretches back more than 25 years, when she joined as a temporary finance manager. She then acquired 50% of the business and eventually took over the entire company, leading to the creation of The Spires Serviced Apartments UK Ltd.
Under her leadership, the business expanded to Glasgow, Birmingham, Edinburgh, and Cardiff, and opened a first site in Aberdeen.
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