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St Ives Castle Resort secures future with £1m financing to brace for drop in revenue

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Tregenna Castle Resort, in St Ives, Cornwall has secured a £1m loan from Lloyds Bank to help the business brace for the drop in revenue as Covid-19 forces the cancellation of events and weddings.

The coastal resort typically hosts 120 weddings a year and welcomes around 100,000 visitors and the Coronavirus Business Interruption Loan Scheme will help safeguard the business following the loss of bookings.

Tregenna Castle Resorts usually employs 120 staff, which rises to 150 between April and October to cater for increased demand. The majority of its staff are currently on furlough.

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There are currently a skeleton staff of 15 on site, including security and maintenance contractors to help maintain the grounds.

The finance will also enable the resort to invest in marketing activities to help attract bookings in preparation for reopening, while a new takeaway delivery service form its Brasserie has also launched.

John Mason, principle shareholder at Tregenna Castle Resort said: “The current situation is one that no business can effectively prepare for, but our senior team was braced for a major hit ahead of lockdown being implemented – giving them a head start for contingency planning.

“The support we’ve had has been beyond expectation. The team at Lloyds Bank responded to our situation with haste and the finance was quickly put in place. This allows us to plan with real confidence towards opening our doors again very soon.”

Phil Davies, Relationship Director at Lloyds Bank said: “While completely necessary, lockdown measures have served a great blow to Tregenna’s balance sheet, with holidays, weddings and conferences forced to cancel.

“As a significant local employer, the finance secured by the resort ultimately helps to ensure that a job will be there at the end of this term for its many hardworking staff.”

Tags : coronavirushotelsirelandoperators
Zoe Monk

The author Zoe Monk

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