The shareholders of Old Amersham Hotels (Holdings) Ltd, a company that runs three hotels and venues in Buckinghamshire, plus its sister company Redesdale Holdings, which runs hotels in the Cotswolds, are stepping up future plans after inking a new financial deal with Cynergy Bank.
Old Amersham Hotels has refinanced the debt on The Crown, Kings Arms and Kings Chapel – all of which are in Old Amersham.
Redesdale Holdings has refinanced the debt on Redesdale Arms and Number Four at Stow, both of which are in the Cotswolds.
Cynergy Bank provided £8.55m in newly negotiated loans for the two companies (£5.55m for Old Amersham Hotels and £3m for Redesdale Holdings).
Both loans enabled the businesses to refinance existing bank debt and release part of the shareholder loans. The loans were provided with repayments modelled over a 25-year term.
The Crown in Old Amersham is a 500 year-old coaching inn while the Kings Arms Hotel is a 36-bedroom inn dating from the 1400s.
The Redesdale Arms hotel is situated in Moreton-in-March in the Cotswolds. It is a 34-bedroom hotel and Number Four at Stow is a boutique hotel with 18 rooms on the outskirts of Stow-on-the-Wold.
The bank was advised by Helena Gleeson and Sean Ludden at Christie & Co and James Walton and Susanna Caulfield of Rosling King LLP.
David Ashfield, managing director at Old Amersham and Redesdale commented: “We are delighted to have completed this transaction with Steve Crosswell and the team at Cynergy Bank. We have been heavily invested for the last seven years during a build and growth period. With the finance on our portfolio of hotels reaching maturity, this refinancing enables us as a group to progress other business opportunities. We very much look forward to working with Cynergy Bank as we identify new properties and expand our business further.”
Mark Dearman, Cynergy Bank’s sector head and director Healthcare & Leisure commented: “Cynergy Bank is delighted to have concluded this transaction with Old Amersham Hotels and Redesdale. We pride ourselves on working with our clients to understand their business needs and aspirations. With our local, skilled relationship managers, we quickly learn our client’s needs, we understand the market and, unlike mainstream lenders, can deliver certainty at speed.”