Hotel and coaching inn operator The Coaching Inn Group has announced it has secured £2.5m in funding from NatWest, through the government-backed Coronavirus Business Interruption Loan Scheme (CBILS).
The group has also restarted its pre-crisis £1m refurbishment plans for the Rutland Arms in Bakewell, its latest acquisition.
The 33-bedroom hotel will undergo a complete renovation across its bedrooms and F&B spaces, as well as introduced a new standalone coffee shop, with a scheduled opening date set for the end of July.
As part of its ‘Covid-19 secure’ reopening proposals, the Coaching Inn Group has also confirmed that it will be going cashless as it looks to minimise the risk of transmission in sites as well as launching an Order and Pay App to aid further contactless transactions.
Commenting on the CBILS funding, finance director Edward Walsh said “This latest round of support from NatWest provides us with sufficient liquidity to see out the next stage of the pandemic and allows us now to focus on re-opening the business as and when the easing of government restrictions allow. The furlough scheme has been a major boost for the sector and has allowed us to protect the jobs of all our employees, while CBILS now provides us the headroom to extend that support right through our supplier base who have been fantastically supportive throughout.”
The Coaching Inn Group operates 17 market town located coaching inn hotels, across 14 different counties throughout England and Wales and is headed up by CEO Kevin Charity.