Cairn Group refinances to aid growth

By Emma Eversham contact

- Last updated on GMT

HSBC area corporate director Tony Leech, Mincoffs corporate partner John Nicholson and Cairn Group finance director Richard Warren
HSBC area corporate director Tony Leech, Mincoffs corporate partner John Nicholson and Cairn Group finance director Richard Warren

Related tags: Cairn group, Finance, Corporation

North East-based hotel and bar operator Cairn Group has refinanced £101m with HSBC to enable it to develop and grow its portfolio across the UK.

The company has earmarked £50m of the funding for acquisitions to enable it to grow beyond its existing 26 hotels, 30 bars and restaurants and care homes. 

Over the past five years, the Group has spent over £40m acquiring and improving assets and doubled employee numbers in that period. 

Last year's acquisitions included the Ramada Glasgow Airport Hotel​ and Stoke Place Hotel in Buckinghamshire and a refurbishment and rebrand of Hotel Indigo Edinburgh Prince Street is due to be completed next month. The company also grew staff numbers by 300 to 2,300 and is looking to boost recruitment further this year. 

Cairn Group finance director Richard Warren said: “Our ethos as a company is to engage with local communities and invest in our dedicated workforce to be able to offer exceptional service to customers. It’s extremely rewarding to secure jobs, as well as establish new employment opportunities and search for rising stars in the industry – which HSBC and Mincoffs have enabled us to do even more rigorously.”

Tony Leech, HSBC’s area corporate director for the North East, added: “HSBC has been working with Cairn Group for over 15 years, so it has been very rewarding to see the company develop through our partnership. We look forward to continuing our longstanding relationship with the business and seeing the results of this funding package come to fruition.”

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