Boutique hotel, wedding venue, pub and restaurant operator secures £26m boost
A £26m boost has been secured by a boutique hotel, wedding venue, pub and restaurant operator in Lancashire.
The finance package has been provided to Bowland Inns & Hotels, which trades as James’ Places, by Barclays.
The company is headquartered in Clitheroe and group owns and operates a collection of historic buildings in the Ribble Valley, Lune Valley and the Yorkshire Dales.
The facility will be used to refinance existing debt and provide “significant additional headroom” to support future growth and acquisition plans.
Its eight-strong portfolio features hotels, wedding venues, gastropubs and restaurants including Holmes Mill which is home to the group’s Bowland Brewery, Beer Hall and Food Hall, in addition to a 39-bedroom hotel and Everyman Cinema.
The company said its turnover for the 12 months to November 2022 is expected to exceed £23m and its employees will pass the 450 mark by the end of the year.
Its most recent accounts, for the year to November 2021 have not yet been filed with Companies House.
The latest available results, for the 12 months to November 2020, include a turnover of £19m and a pre-tax loss of more than £10m.
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, added: “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.”