North East bar and hotel operator Cairn Group has completed a £101m refinancing deal with HSBC.
The Newcastle-based business operates more than 30 bars and restaurants as well as 26 hotels, plans to invest£50m into acquisition and development to strengthen its portfolio.
The group’s most recent acquisitions were the Ramada Glasgow Airport Hotel the Buckinghamshire country house Stoke Place Hotel at the end of last year.
Richard Warren, Cairn Group’s finance director, said: “We are incredibly proud to work with our partners on a variety of exciting projects and would like to thank them for their continued support – as well as the hard work, diligence and effective approach is greatly appreciated.
“Our ethos as a company is to engage with local communities and invest in our dedicated workforce to be able to offer exceptional service to customers. It’s extremely rewarding to secure jobs, as well as establish new employment opportunities and search for rising stars in the industry – which HSBC and Mincoffs have enabled us to do even more rigorously.”
Anna Gregory, HSBC’s senior corporate banking manager for hotels, said: “Our experienced team provided a tailored refinancing package along with industry insight and guidance to support Cairn Group’s acquisition drive. The business’ success is testament to a well-executed strategy, underpinned by solid financial support, which will see the Group continue to build its hospitality and leisure portfolio.”
Tony Leech, HSBC’s area corporate director for the North East, said: “HSBC has been working with Cairn Group for over 15 years, so it has been very rewarding to see the company develop through our partnership. We look forward to continuing our longstanding relationship with the business and seeing the results of this funding package come to fruition.”
John Nicholson, corporate partner at Mincoffs Solicitors, said: “We have acted for the Cairn Group for over 25 years. The facility represents the next part of the Group’s ongoing success story and I wish them well in their future plans.”
