Press Releases
Christie Corporate Finance secures funding for Balbirnie House Hotel
Acting for private owners, Christie Corporate Finance has
assisted with project
funding to extend the renowned Balbirnie House Hotel in Fife by
developing a £5
million Spa and additional bedrooms.
Balbirnie House Hotel is a unique, country house hotel situated
within 400 acres of
beautifully landscaped parkland, adjacent to the village of
Markinch, in the heart
of the Kingdom of Fife. The hotel is widely acknowledged as one of
the finest
privately-owned, luxury hotels in Scotland, having won many
accolades including
twice in a row the hotelreviewscotland.com award for large classic
wedding hotel
of the year. Balbirnie House has revenue per bedroom which is
amongst the highest
in the UK, driven in particular by the strength of the
hotel’s destination banquet
trade.
Following a referral by Christie + Co’s Director of
Valuation Services, Norman
Cockburn, Christie Corporate Finance was instructed to secure
adequate funding to
support the £5 million Spa development, as well as extending
the hotel’s bedroom
offering.
After discussions with a number of potential funders, Mark
Stevens, the Managing
Director of Christie Corporate Finance, was able to introduce
Clydesdale Bank to
the hotel owners and, once planning permission was obtained in late
June 2007,
they confirmed their commitment to the project.
Mark Stevens comments: “I was delighted to be able to
secure the required level of
funding for the £5 million Spa facility and extension. We are
confident that this
addition will cement Barbirnie House’s position as one of the
finest privately
owned hotels in Scotland.”
Mike Natta, Clydesdale Bank Business Partner for Fife says:
‘Balbirnie House is
already a landmark business and a key employer for Fife. The new
extensions
provide exciting opportunities and underline our ability to provide
innovative
funding structures for dynamic businesses.’’
On behalf of the owners, Managing Director Nicholas Russell
adds: “We were
extremely excited by the opportunity to develop the hotel further
and thrilled that
the project has been made a reality through Mark’s
involvement in securing the
funding. Our hotel brigade is now set to rise from 110 to 140, and
as a destination
in its own right Balbirnie House will now be even more of a jewel
in the crown for
Fife tourism.’’
The Spa development is scheduled to start in early 2008 and
opens in late Spring
2009.
For further information on this press release, please
contact Sarah Pflanz at
Christie + Co on 020 7227 0795 or
sarah.pflanz@christie.com
Christie Corporate Finance
Christie Finance is the market-leader in offering business mortgage
solutions to the
leisure, hospitality, care and retail sectors. The company was
established in 1977, as
part of the Christie Group of companies. When the company
re-branded in March 2007,
a new corporate division — Christie Corporate Finance (CCF)
— was established to offer
more varied funding solutions, tailored to the needs of corporate
clients.
CCF’s finance specialists have extensive experience in the
provision of corporate
finance. They work closely with their colleagues at Christie + Co,
across all six trading
sectors, to provide a range of innovative funding solutions to meet
the specific
requirements of our major clients. In addition to providing senior
debt options, CCF has
developed an excellent reputation with all of the major banks and
key investors,
enabling its intermediaries to advise on more complex equity and
mezzanine funding
options.
