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Torquay Leisure Hotels has secured a £1m Coronavirus Business Interruption Loan Scheme (CBILS) facility from Santander UK.
Torquay Leisure was forced to close its doors on 20 March causing its income to stop overnight with 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.
The group was established in the 1940s and has seen “strong growth in recent years” and the business successfully also operates four hotels, apartment complexes and leisure centres.
Ian Piercy, managing director and CFO, Torquay Leisure Hotels, 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, added: “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.”
