Search
The Caterer

Lloyds TSB open for hotel business

14 July 2010 by
Lloyds TSB open for hotel business

The relationship director (hotels) for Lloyds TSB has said that the bank is open to hotels - for the right business.

"It is a myth to say that we are not open to lend money, but certain criteria have to be in place," said Tony Burnell (pictured).

"The most important factor is that a solid management team should be in place, with a proven track record, who have successfully worked through the tough times."

Burnell said that any hotel which Lloyds will consider financially supporting should be in the right location, and an existing business with a track record is a better bet than a new development.

"And finally, we will now lend no more than 60% of the value of the property, while in the past it may have been as high as 70%," he added.

Where to go to raise finance >>

Hotel insolvencies soar >>

Finance debate - banking on funding >>

By Janet Harmer

E-mail your comments to Janet Harmer here.

If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to www.caterersearch.com/tabletalk

Caterersearch.com jobs

Looking for a new job? Find your next job here with Caterersearch.com jobs

[Newsletters For the latest hospitality news, sign up for our e-mail newsletters.
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!