The 22-bedroom period hotel is very popular with visitors due to its location in Busta Voe, on mainland Shetland and its Certificate of Excellence rating from Tripadvisor. It benefits from a rich history situated in a picturesque setting, with demand having grown over recent years due to an increase in visitors and use of its wedding facilities.
The current directors, Joe & Veronica Rocks were looking to step back from the day-to-day running of the business and saw Joel D’Eathe and Grant O’Neil, who have over 15 years experience working in the hotel, as the perfect individuals to join them but they were unsure how to initiate the deal. Adrian Foster, Associate Director at Christie Finance, was approached by Joe and Veronica to look into how to structure the deal and ultimately source the finance to facilitate the change.
With Adrian’s guidance the current and new owners were presented a competitive solution from a business lending team at a High Street Bank to help with the restructure.
Joe, said; “With Adrian’s advice and support throughout the whole process we were able to carry out the changes that we wanted. He was always there for us, which allowed us to focus on the business itself and ultimately our retirement plans.”
Adrian, commented; “I am delighted for the clients that we were able to secure the funding to enable the change in ownership. The Hotel has a great history and I am sure that with the new owners on board the Busta House Hotel can go from strength to strength”