Boutique hotel operator secures £2.75m expansion loan

Manorview Hotels has secured a £2.75m loan to purchase and refurbish a guest house in Biggar and renovate its Bearsden property.

The Johnstone-based group, which already owns and operates eight boutique hotels, acquired the Cornhill House Hotel earlier this month, thanks to a £1.55m finance term loan from Barclays.

The group has also secured a further £1.2m loan from Barclays to refurbish Boclair House in Bearsden, as reportedly by Boutique Hotelier in March, into a top wedding venue. The renovation at Boclair House is currently ‘its most exclusive development to date’.

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Manorview Hotels had a busy 2015, refurbishing both Bowfield Hotel and Busby Hotel, and making upgrades at the Redhurst Hotel and Lynnhurst Hotel.

The company also noted in its 2015 accounts plans to develop the Alexander Cullen church in Hamilton, which it acquired in 2014.

Steve Graham, founder of Manorview Hotels and Leisure Group, said: “Having banked with Barclays for a number of years, we have established a strong relationship with the team.

“Approaching them with our latest expansion plans was a natural step given their clear understanding of our business and their support for SMEs.”

Manorview Hotels reported a 17% increase in pre-tax profits for the 2015 year to £1.04m as turnover also rose 17% to £9.5m.

Operating profit rose 29 per cent to £1.38m.



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