17 August 2020
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.
We helped Ruthin Castle Hotel get the finance to save 100 jobs and exit administration.
The hoteliers approached their administrators, who tasked Funding Options with finding the solution that would help the hotel back on its feet.
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.
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"Going directly to loan companies felt like a better option for us, the rates were slightly better and it felt like an easier process."
"Funding Options basically took all the hassle out of it. We've now been able to expand the company to a point where the next step for us will be to bring in investors over the next year."