The owner of two four-star resorts in Shropshire and Hampshire has secured a finance package of £17m from Allied Irish Bank in Birmingham to support future growth.
Lion Quays Resort, Oswestry and Langstone Quays Resort, Hayling Island, are owned by entrepreneurs Dr Ashok Bansal and family, whose portfolio also includes a number of nursing homes in Wales and an IT company, Medic Creations.
The new funding arrangement from Allied Irish Bank (GB) will enable Bansal to continue his ambitious development programmes at both luxury resorts.
Lion Quays was purchased by the Bansal family in 2015 and comprises 82 bedrooms, seven conference and events suites catering for up to 400 guests, and two restaurants plus Café Ash, which was opened this spring.
Lion Quays has already benefited from a £1.5m investment in its bedrooms, conference rooms, waterside restaurants and bar, with a further £1m now planned to extend the resort’s leisure club and spa facilities.
Langstone Quays was added to the Bansal family’s portfolio a year ago.
Located on the Chichester Harbour, the 148-bedroomed resort was regenerated last yearw with a £1.2m investment that saw the refurbishment of its bar, restaurant and wedding and events suite.
A further £1m is planned to create a ‘unique leisure destination’.
Mike Tierney, head of Allied Irish Bank (GB)’s hotel and hospitality team in the Midlands, who led the deal with colleague and hotel specialist Morgan Keating, said: “Ash and his family are supported by a very impressive senior hotel management team of Paula Walker and Colin Jenno who share his vision, ambition and drive to create two unique resorts. The resorts appeal to a wide range of guests, both corporate and leisure and we believe that the investment plans in place will help create the potential for further growth across all areas of the business.”
Dr Bansal said: “Our resorts are benefiting from the uptake in ‘staycations’ and we’re also intent on capitalising on the popularity of spa breaks as well as the continuing growth in health and leisure centres.”