The owner of two resorts in Shropshire and Hampshire has secured a finance package of £17m from Allied Irish Bank (GB) to support ambitious growth plans.
Dr Ashok Bansal and his family own the 82-bedroom Lion Quays Resort in Oswestry and the 148-bedroom Langstone Quays Resort on Hayling Island, as well as a number of nursing homes in Wales and IT company Medic Creations. The new funding is set to be put towards their ambitious development programmes at both resorts.
Lion Quays was purchased by the Bansal family in 2015 and features seven conference and events suites, catering for up to 400 guests, and two restaurants plus Café Ash, which was opened this spring. The resort has already benefited from a £1.5m investment in its bedrooms, conference rooms, waterside restaurants and bar, and a further £1m is planned to extend the resort's leisure club and spa facilities.
Langstone Quays was added to the Bansal family's portfolio a year ago and has already seen a £1.2m investment including the regeneration of the bar, restaurant and wedding and events suite. A further £1m investment is planned.
Bansal said: "Our resorts are benefiting from the uptake in ‘staycations' and we're also intent on capitalising on the popularity of spa breaks as well as the continuing growth in health and leisure centres."
Mike Tierney, head of Allied Irish Bank (GB)'s hotel and hospitality team in the Midlands, who led the deal with colleague, and hotel specialist Morgan Keating, said: "The resorts appeal to a wide range of guests, both corporate and leisure and we believe that the investment plans in place will help create the potential for further growth across all areas of the business."
Legal advice to Allied Irish Bank (GB) was provided by James Dyson at Freeths.