Next Level Group agrees £5.8m refinance package with RBS
Aberdeen hotelier Gary Atkinson has completed a management buyout of the Next Level Group.
He has taken full control of the firm behind the Carmelite hotel in Aberdeen (pictured), following the buy-out of private investor Andrew Chandler. The deal was funded by a £5.8m refinancing package with RBS.
The bank said its financial backing would help pay for further investment in the Carmelite and expansion into Glasgow and other key sites.
Atkins said: "Not only does the transaction provide a successful exit for Mr Chandler, who has been hugely supportive in the growth of the business over a number of years, but allows the management team to further develop the considerable success of Carmelite in Aberdeen.
"It will provide a platform for a development in Glasgow, in the context of an exciting growth in hotel and leisure opportunities in the city."
Graeme Wishart of the RBS corporate and commercial team in Glasgow said: "We are delighted to support Next Level Group on this funding arrangement.
"The Scottish hotels sector is enjoying strong growth just now and this move will enhance the market.
"We look forward to working with Gary and his team in the future."
The acquisition deal was structured by Consilium Chartered Accountants, with Macdonald Henderson acting as lawyers for the buyout team. Brodies acted for RBS, with BTP representing Chandler.
The Carmelite, in Sterling Street, was the brainchild of Richard Muir, a former UK managing director at Sodexo.
It opened in 2006 after a major revamp of the old Grampian hotel and Muir sold his stake two years later.
Richard Muir: My life in hospitality >>
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