A hotel in Cornwall has secured a £1.18m loan to enable the business to remain stable until the end of 2022.
Hustyns Hotel and Spa in Wadebridge has locked in a Coronavirus Business Interruption Loan Scheme through Fiduciam for 24 months.
Financing costs have been reduced due to CBILS, and the absence of early repayment charges gives the hotel added flexibility.
After closing for three months during the lockdown, the hotel reopened in July and had high demand for bedrooms.
Ravi Gupta of Hustyns Hotel and Spa, said: “2020 was expected to be a significant year as we had invested in the hotel with a refurbished restaurant and a new ‘glamping’ offering coming on stream.
“We know that we have a good business model and strong demand, but after strong revenue and profit growth in 2019, the lockdown meant we experienced a difficult spring and early summer 2020 when we couldn’t let out rooms or lodges. Once the lockdown was lifted, we had to immediately scale up operations and staff levels for full occupancy. The loan from Fiduciam means that we cannot only weather this latest lockdown, but we can make the investments we want to into our resort and know that our business’s future is secure for the next two years.”