Newspaper article The Journal (Newcastle, England)

Hotel Firm Grows after PS101m Refinance Deal; LEISURE

Newspaper article The Journal (Newcastle, England)

Hotel Firm Grows after PS101m Refinance Deal; LEISURE

Article excerpt


NORTH East hotel and bar operator Cairn Group is poised to boost its property portfolio and create new jobs after completing a PS101m refinance deal.

The Newcastle-based business already owns 26 hotels, more than 30 bars and restaurants and care homes across the UK, which includes a large proportion within the region such as the DoubleTree Hilton and Royal Station Hotel in Newcastle, and Jesmond venues Sohe, Spy Bar and Fratello's.

Now the firm has carried out a refinance deal with HSBC, supported by Mincoffs Solicitors LLP, which will see the growing group plough PS50m of the cash pot into acquisition and development to strengthen its portfolio.

The news follows the latest acquisitions of the Ramada Glasgow Airport Hotel in November 2015 and 17th-century Buckinghamshire country house Stoke Place Hotel, and also coincides with the launch of the group's new website.

The next completed refurbishment and rebranding will be the Hotel Indigo Edinburgh Princes Street, which is due to open next month.

Having increased its workforce by 300 employees to 2,300 in a year, the business also has plans to further grow employment throughout this year, seeking and investing in talent from its headquarters.

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. …

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