The owner of two four-star resorts in Shropshire and Hampshire has secured a finance package of £17m to support future growth.
Lion Quays Resort, Oswestry and Langstone Quays Resort, Hayling Island, are owned by serial entrepreneurs Dr Ashok Bansal and his family, whose portfolio also includes a number of nursing homes in Wales and an IT company, Medic Creations.
The new funding arrangement from Allied Irish Bank (GB) will enable Bansal to continue his “ambitious” development programmes at both luxury resorts.
Lion Quays was purchased by the Bansal family in 2015. Set on the Llangollen Canal near Shrewsbury, the resort’s facilities include 82 bedrooms, seven conference and events suites catering for up to 400 guests, and two restaurants plus Café Ash, which was opened this spring.
The hotel has already benefited from a £1.5m investment in its bedrooms, conference rooms, waterside restaurants and bar. A further £1m is planned to extend the resort’s leisure club and spa facilities.
Langstone Quays was added to the Bansal family’s portfolio a year ago. Located on the Chichester Harbour in an Area of Outstanding Natural Beauty, the 148-bedroomed resort has already benefited from a £1.2m investment including the regeneration of the bar, restaurant and wedding and events suite. A further £1m is planned to create a unique leisure destination.
Bansal said: “Since being introduced to Allied Irish Bank (GB) I’ve been very impressed. Mike and Morgan truly understand the hospitality sector, which is a real benefit to my business and they’ve been very responsive and helpful. Our resorts are benefiting from the uptake in ‘staycations’ and we’re also intent on capitalising on the popularity of spa breaks as well as the continuing growth in health and leisure centres.
“I fell in love instantly with Lion Quays and Langstone Quays; they have great heart and soul and with Allied Irish Bank (GB)’s support we’re well on the way to improving the facilities to match.”