This Lancashire luxury venues company has secured a £26m finance deal
A Lancashire boutique hotel and wedding venue business has secured a £26m finance package to support its ambitious growth plans.
Bowland Inns and Hotels Limited, which trades as James’ Places, has moved its entire banking to Barclays who have provided the fighting fund to refinance existing debt and provide significant additional headroom to support future growth and acquisition plans.
The Clitheroe-based group owns and operates an eclectic collection of historic buildings in the Ribble Valley, Lune Valley and the Yorkshire Dales, with a portfolio of eight sites including boutique hotels, wedding venues, gastropubs and restaurants.
Holmes Mill, in Clitheroe, a multi-award winning textile mill conversion is home to the group’s Bowland Brewery, Beer Hall and Food Hall, in addition to a 39 bedroom hotel and Everyman Cinema.
The group, which has Mitton Hall and Eaves Hall in the RIbble Valley, is predicting that turnover for 2021/22 will exceed £23m and group employees will number over 450 by the year end.
The new financing package will enable James’ Places to pursue an expansion and acquisition strategy across the North West in the coming years.
James Warburton, managing director of James’ Places, said: “We are absolutely delighted to begin a new banking relationship with Barclays. We have been talking about the move for a number of years and it’s a great testament to Rob and his team that we have finally got the deal done despite everything that the COVID-19 pandemic has thrown at us.
"We can now look ahead to building a bigger and better business. We have solid foundations, we have a great operations team and we now have a great banking partner.”
Rob Morland, Barclays Relationship Director put together the funding package for the deal and lifted their day to day banking to Barclays.
He said; “I have been in discussions with James and the senior management team for a number of years and during that time have been impressed with the outstanding quality of the Group’s offering and resilience in the face of the COVID pandemic.
"The strength of the senior management team means James’ Places have emerged stronger from recent challenges faced by the whole industry and I look forward to a long and successful partnership, helping to bring their future growth plans to fruition.”