Case study: Ruthin Castle Hotel
We helped Ruthin Castle Hotel get the finance to save 100 jobs and exit administration
Funding Options has been chosen by the government-owned British Business Bank to help businesses like yours find finance when they’re unsuccessful with the major banks.
The historic Ruthin Castle Hotel had entered voluntary administration when it could no longer service its debt. Refurbishment plans had overrun and exceeded budget, running to high costs that meant the business was struggling to pay its creditors.
The hoteliers approached their administrators, who tasked Funding Options with finding the solution that would help the hotel back on its feet.
An alternative approach
The level of debt faced by the hotel meant the mainstream finance providers had no appetite to offer a loan. To add to the challenge, we had to move quickly to keep the trust of the hotel’s creditors, while the business traded through a tough period.
We found a niche lender who was willing to take the castle itself as the main form of security — and a new valuation of the historic property meant the lender could increase the overall value of the loan.
This meant Ruthin Castle Hotel could exit administration under new joint ownership and start afresh — saving over 100 jobs in the process.
Find out more about Ruthin Castle Hotel & Spa
"Funding Options worked diligently to make sure the appropriate funding was sourced in the timescales we needed. They were a pleasure to work with, and guided us through a tough time — highly recommended."
Anthony Saint-Claire — Owner, Ruthin Castle
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