Commercial property financing case study
Shawbrook Bank has provided the owner of luxury events venue and 250 acre estate, Rossington Hall, with £2.45m of funding to support their plans for growth as they work to establish themselves as a leading luxury venue in the South Yorkshire Area.
Rossington Hall, first built in 1882, was used as a private house until 1939 where it then had a range of commercial uses such as being a school for children with special needs. After a period where it had been left unoccupied, the property was then converted into a hotel in 2011 after it was purchased by Migar Homes Ltd who are working to restore it to its former Victorian glory. The Doncaster-based hotel now has around 30 employees and accommodates almost 15,000 visitors per year.
After taking the time to work closely with the owners of the property and to fully understand their business and ambitions, the regional Shawbrook team (based in Wetherby) worked to structure a facility with an extended amortisation profile that would allow the business to continue its growth plans.
The company was introduced to Shawbrook Bank through broker partner, Reach Commercial Finance, and legal advice provided by Andrew Jackson Solicitors LLP.
Gary Gee, managing director at Migar Homes Ltd, says: “As we looked to pursue our growth plans we realised that we needed a lender who could offer flexibility to support our refinancing needs. We were impressed by the hands-on approach that that the team at Shawbrook had which means that they have been able to really understand our business and our requirements to deliver a flexible facility that really works for us.”
Nick Salmons, relationship director at Shawbrook Bank, says: “Migar Homes needed a lender who would be able to offer the right level of funding with a repayment structure that was sensitive to their current position in the growth cycle. It’s an exciting opportunity for us as we get to closely support the business through the next stage of its journey.”
Steve Dunwell, Reach Commercial Finance, says: “When I was introduced to Gary it was obvious that Migar Homes needed a funding partner who could be flexible and structure a facility that catered for both their current position plus the expected growth. I was delighted Nick and the Shawbrook team delivered a facility that met those needs and look forward to seeing Migar Homes go from strength to strength over the coming months.”