A hotel in Llanberis, Wales has tripled its turnover three years after being taken over by new owners, boosted by funding from Bathgate Business Finance, worth more than £85k.
The Padarn Hotel, formerly the Padarn Lake Hotel, was given a complete overhaul by Lesley and Simon Wilson after being purchased by the couple in 2016.
Turnover at the venue, which was previously operating at a loss and had fallen into disrepair, is now three times higher than when they first took over, with the team increasing from six employees to a work force of 35 to meet demand.
Lesley and Simon, who have lived in the area for more than 30 years and operate a number of other holiday rentals, spotted the site’s potential and worked with West Kirby-based Bathgate Business Finance to secure funding for their ambitious plans.
Originally introduced to the finance specialists by their EPOS system provider Tillwise, Bathgate secured a number of deals for the hotel in 2016, to help fund its EPOS system, kitchen equipment and other work required ahead of its opening.
Since taking ownership of the hotel, the couple have completely modernised and refurbished the building, adding two new bedrooms, a multipurpose meeting/training room and improved its dining offer.
They have extended a 30-cover restaurant into a 100-seat bistro set across three themed rooms – The Garden room, which looks out across Snowdonia, the Film room, celebrating movies that have been filmed in Llanberis, and the Boathouse room with its booths and views of Snowdon.
To date, Bathgate Business Finance has secured almost £75k in own-book funding for the Padarn Hotel, most recently providing £23k to purchase furniture, audio equipment for the function room and a new boiler.
The company has also brokered a £10k deal with finance company White Oak for catering equipment from Caterequip.
Lesley Wilson, Owner of The Padarn Hotel, said: “From the outset Bathgate Business Finance have thought outside the box when it comes to funding options and, as we are a seasonal business, they have helped us to find effective ways to manage cash flow, such as VAT finance.”
Speaking from the hotel, Esther Rigby from Bathgate Business Finance, said: “It’s absolutely fantastic to see all the hard work that has gone into The Padarn Hotel. It certainly looks very different from Bathgate’s first visit back in June 2016!”