Leading hotel group welcomes staycationers thanks to CBILS funding
Torquay Leisure Hotels Limited, the South West’s largest serviced accommodation provider, successfully secured a £1m Coronavirus Business Interruption Loan Scheme (CBILS) facility from Santander UK. The Group has now begun reopening in stages to comply with industry and government guidelines.
The Group was established in the 1940s and has seen strong growth in recent years. The business successfully operates four hotels, apartment complexes and leisure centres and provides a range of services for guests – from weekend and spa breaks, to wedding functions and self-catering holidays.
Torquay Leisure was forced to close its doors on 20 March causing its income to stop overnight. 359 of its staff were placed on furlough during the uncertainty. The finance package has supported the business during the closure and enabled it to prepare to reopen safely from 4 July. As international travel remains uncertain, The Group is well placed to safely and warmly welcome Brits who choose to staycation.
Ian Piercy, managing director & CFO, Torquay Leisure Hotels Limited, said: “Our experience with Santander is nothing but excellent, unwavering support of our business, allowing confidence in our planning to address the current challenges.”
Martin Pitcher, relationship director, Santander UK, said: “As the lockdown measures in the UK begin to ease, thoughts turn to summer holidays. For many, they will now be looking to stay in the UK, so I am delighted that our funding has enabled Torquay Leisure to reopen. This will provide crucial support to the local economy and vital hotel and leisure employment, as well as a much-needed break for many Brits.”
Santander UK is hosting a series of free ‘Survive and Revive’ webinars for SMEs on how to bolster their business proposition. Covering a range of topics – from innovating effectively to aligning purpose and culture – the sessions see experts explore some of the ways that businesses have adjusted, and thrived, since the outbreak of coronavirus. You can find these webinars and other helpful resources here: www.santanderbreakthrough.co.uk/coronavirus.