Plumber secures £196,000 investment to snap up East Yorkshire coast hotel
A self-employed plumber is taking over ownership of a Bridlington hotel after securing a £196,000 funding package from NatWest.
Danny Pandya and his partner Daniel Milnes have used the fund to acquire The Promenade Hotel
The duo said they were immediately drawn to the 10-bedroom hotel as it holds a five-star rating on TripAdvisor.
They have now taken over immediate ownership and Pandya will undertake sole responsibility for the day-to-day running of the business, with the support of two part-time members of staff.
Co-owner Milnes will be based at The Promenade Hotel over its weekend operating hours, as he continues his employment as a London-based financial advisor during the week.
Located on the North Promenade at Bridlington, the hotel has recently undergone a complete refurbishment programme. Guests can choose from one of ten en-suite bedrooms, including two sea facing rooms, all available with bed and breakfast.
Pandya said: “As soon as we viewed The Promenade Hotel, Daniel and I knew it was the perfect venue for us. It was well kept, well established and it’s clear it has been well managed, which meant as soon as we got the keys we could welcome our first guest immediately.
“The funding from NatWest helped us raise the final amount of finance we needed to purchase the venue and the support they have given us throughout the whole process has been invaluable.”
The deal was referred via Platinum Money Limited. NatWest business development manager Simon Steer supported the deal activity, alongside relationship manager Dave Oram.
Oram added: “Danny and Daniel are both extremely passionate and determined to make their new business venture a success. The Promenade Hotel promises to be a great investment and will provide opportunity for the pair to further their entrepreneurial potential and build upon the hotel’s popularity to date.”
