STR injects £2m HSBC finance into North East hotels
Newcastle based STR Enterprises is investing in a programme of refurbishments across a number of its hotels in the North East, using a £2 million facility from HSBC.
We acted for HSBC on the transaction and funds will be invested in refurbishing Manor House and The Honest Lawyer Hotel, both in County Durham, in coming months. Work is already complete on renovations at The Victoria Hotel in Northumberland.
Committed to the North East
As part of STR Enterprises’ ongoing commitment to the North East, the HSBC funding will also support a wider growth strategy as the firm plans to expand the overall number of rooms across its hotel portfolio.
John Sanderson, managing director of STR Enterprises, said: "We set out an ambitious programme of refurbishments that would not only upgrade a number of key sites but also help to grow our business.”
Tony Leech, Area Director at HSBC in the North East, said: “We were more than happy to support STR Enterprises’ ambition to contribute to a thriving tourist economy in the North East. With solid knowledge of the sector, the STR team has demonstrated a clear strategy for growth that will positively contribute to the region’s booming hospitality sector.”
£10bn pot for SMEs
Funding was allocated from the bank’s national £10 billion SME fund to actively support UK SMEs. Of which, £300 million is specifically designated to support North East firms and rebalance the economy outside of London.
Louise Duffy, partner and head of Muckle LLP’s banking team, said: “We are delighted to be working with another ambitious North East business. This facility gives STR Enterprises a fantastic platform to grow and I look forward to seeing the business progress in the coming months.”
For help and advice on banking and finance, please contact Louise Duffy.