Funding deal rescues historic hotel and saves jobs
Grade II listed Ruthin Castle, located in picturesque North Wales, has been sold through a deal brokered by Funding Options Limited.
The popular venue, which entered administration last week, has been sold to Ruthin Castle Estates, a joint venture between private equity firm Kepler Capital and Prima Hotel Group, which will work alongside the hotel’s current management.
The deal was organised by Funding Options which packaged and sourced a facility provided by General Asset Management, ensuring the hotel stays open, but under new joint ownership.
Former owner Anthony Saint-Claire, now acting as a director of the new company, said: “Funding Options and General Asset Management worked diligently to make sure the appropriate funding was sourced in the time-scales we needed.”
Andrew MacKenzie of Begbies Traynor Plc had been working with the hotel and assisted with the deal process.
Gary Smith of General Asset Management added: “We are delighted to have been able to assist with the funding for Ruthin Castle. The deadlines were tight, but we were able to conclude the transaction within the time constraints put before us. It was a pleasure working with the teams at Funding Options and Begbies Traynor on this interesting case.”
The hotel, which has a spa, restaurant, and 60 bedrooms, employs around 100 staff in total. The new owners have stated that all of these jobs have been saved and any future bookings will be fulfilled; including weddings, spa bookings and residential stays.
This positive outcome demonstrates the value that an effective business intermediary such as Funding Options can add to a transaction.
Ruthin Castle will now be run by Prima Hotels which is based in Wilmslow, Cheshire.
Andrew is a qualified Insolvency Practitioner, Chartered Certified Accountant and has a degree in Accountancy and Finance. He joined the Leeds office of Begbies Traynor in January 2006 having previously worked for PwC, Baker Tilly and BDO Stoy Hayward. Andrew opened a Hull office for the firm on 1 May 2008 and has a broad range of experience in Corporate Rescue and Recovery, restructuring, personal insolvency, business investigations, review work and funding solutions.