The Elgin Hotel and Sheraton Hotel occupy prime seafront locations in Blackpool and hold a strong historic track record. These are established family hotel operators who celebrated their 50th year in business in 2019.
Elgin Hotel is a 3-star 89-bedroom hotel located on the cliffs of the Queen's Promenade. Hotel Sheraton is a 108-bedroom hotel, situated opposite the sea on the Cliffs at Queen's Promenade. Both hotels are ranked in the top 10 of hotels in Blackpool and are rated ‘excellent’ on Trip Advisor.
This transaction included a loan to refinance with additional funds for capital expenditure, which includes a new hotel swimming pool.
The loan was provided as a CBILS loan* with zero payments for 12 months followed by 12 months interest only then a capital repayment profile for the remaining term.
Nigel Seddon, Managing Director, Elgin Hotel and Sheraton Hotel Ltd said: “We were very fortunate to have been put in touch with Matt Cross at Cynergy Bank. This was the first bank to offer us a loan for our business at a sensible rate of interest. When all other banks were avoiding hospitality, Cynergy Bank stepped up to the mark.
Thankfully, trade has been good and future bookings are very healthy. This has given us a good ‘bounce back’. I have no hesitation in recommending Cynergy Bank for a business loan.”
Matt Cross, Relationship Director, Cynergy Bank commented: “Dialogue started during lockdown with the hotels closed due to government restrictions. The decision to support Nigel was clear from our first meeting. Listening and understanding the business strategy enabled facilities to be structured to account for any further business interruption. We look forward to working with Nigel and his family for years to come.”
*The CBILS scheme is now closed to new applications.