Old Amersham Hotels (Holdings) Ltd, a company that runs three popular local hotels and venues in Buckinghamshire, plus its sister company Redesdale Holdings Ltd, which runs hotels in the Cotswolds, have each received a Coronavirus Business Interruption Loan Scheme (CBILS) overdraft via Cynergy Bank.
Both companies refinanced loans with Cynergy Bank in February of 2020. The new CBILS finance provides both Old Amersham Hotels and Redesdale Holdings Ltd with a £250,000 overdraft. The overdrafts were provided to support the businesses with their working capital requirements during the Covid-19 outbreak.
Old Amersham Hotels (Holdings) Ltd has three hotels, The Crown, Kings Arms and Kings Chapel – all of which are in Old Amersham. Redesdale Holdings Ltd has two properties – the Redesdale Arms and Number Four at Stow, both of which are in the Cotswolds.
The Crown in Old Amersham, features on the boutique travel site Mr & Mrs Smith. It is a 500 year-old coaching inn that has undergone a modern-rustic makeover at the hands of Ilse Crawford, complementing the original features with a contemporary feel. The Kings Arms Hotel is a 36-bedroom inn dating from the 1400s. It has been used extensively in TV and film productions including Four Wedding and a Funeral, Miss Marple and Midsomer Murders. The Kings Chapel is available to hire for weddings, parties and corporate events, and is set in the Old Town of Amersham on the High Street.
The Redesdale Arms hotel is situated in Moreton-in-Marsh in the Cotswolds. It is a 34-bedroom hotel that dates back to 1650 and is constructed of Cotswold stone with a heavily oak beamed interior. Number Four at Stow is a contemporary boutique hotel with 18 rooms that includes suites and a family room, on the outskirts of Stow-on-the-Wold.
Ben Bradley, Finance Director at Old Amersham and Redesdale commented:
“We were struggling to access support with other banks, so we were pleased to agree a facility with Cynergy to help us through this difficult period. We are looking forward to rebuilding our business with Steve Crosswell, Sat Shingadia & Cynergy Bank’s continued support.”
Ravi Sidhoo, Managing Director, Cynergy Bank Private & Business Banking commented: “Cynergy Bank is delighted to have concluded this transaction with Amersham & Redesdale, buying the firm valuable time it needs because of the impact of COVID-19 on the hospitality sector. We pride ourselves on working with our clients to understand their business needs and aspirations. With our local, skilled relationship managers, we quickly learn our client’s needs, we understand the market and, unlike mainstream lenders, can deliver certainty at speed. Something that is exceptionally valuable in these unprecedented times.”
Steve Crosswell, Relationship Director at Cynergy Bank commented: “
“Cynergy Bank is delighted to have supported Old Amersham & Redesdale with a total of £500k of new monies to support this highly successful group during these turbulent times. The shareholders have supported the businesses since inception and since then they have created an attractive group of good performing assets in strong locations. We very much look forward to working with them in the future.”