UK: The Signet Collection has secured £3.8 million to acquire and refurbish the Barnsdale Lodge Hotel in Oakham.
OakNorth Bank has provided the loan, which will be used to upgrade the lodge into a four-star Signet-branded spa resort.
Currently, the site includes 46 ensuite bedrooms, 17 luxury self-catering cottages, a restaurant, three private dining and events rooms, a function space which can accommodate up to 120 guests, and a hair salon.
Signet will transform the existing events barn into a spa and create a purpose built entertainment space with capacity for 150 guests. New retail units will also be added.
Hector Ross, founder of The Signet Collection, said: “Signet Hotels is all about taking assets in the UK countryside that have fallen out of love, favour or investment, and breathing new life into them. I’ve now worked with OakNorth Bank for a number of years for both our Mitre Hotel in Hampton Court and The Retreat at Elcot Park, so I know they listen, they believe in backing entrepreneurs, and will work collaboratively to make plans come together.
“There’s a real can-do attitude amongst the team, and an understanding that in construction and hospitality, things don’t always go to plan, so timeframes can sometimes be longer than expected. They also move faster than any other UK lender I’ve ever worked with – if you go to them on a Monday with an opportunity but caveat that you need the capital in two weeks’ time, they’ll get it done.”
Deepesh Thakrar, senior director of debt finance at OakNorth Bank, said: “When it comes to hospitality, many lenders have a tendency to paint every business in the sector with the same brush. We’re different: we consider every business on its own merits and delve deep into the data to really understand the management team’s objectives and future potential.
“We’ve worked with Hector and the team for years, so know this is a team that can deliver and has the expertise and drive to succeed in this highly competitive market. The fact that this is the third time Hector and his team have chosen us as their trusted funding partner demonstrates that we’ve continued to deliver on our promise to delight customers and offer a borrowing experience that’s truly differentiated.”