Hotel and spa owner secures £17m finance deal

The owner of two four-star resorts in Shropshire and Hampshire has secured a finance package of £17m for ambitious development programmes.

Lion Quays Resort, Oswestry and Langstone Quays Resort, Hayling Island, are owned by Dr Ashok Bansal and 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 Dr 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. Lion Quays 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.

Mike Tierney, head of Allied Irish Bank (GB)’s hotel and hospitality team in the Midlands, who led the deal with colleague and hotel specialist Morgan Keating, said: “Ash is an entrepreneur whose passion for his business is obvious as soon as you meet him. He has a strong vision of what he wants to achieve at his resorts, with a focus on creating fantastic guest experiences through a combination of high quality facilities and service levels.

“Ash and his family are supported by a very impressive senior hotel management team of Paula Walker and Colin Jenno who share his vision, ambition and drive to create two unique resorts. The resorts appeal to a wide range of guests, both corporate and leisure and we believe that the investment plans in place will help create the potential for further growth across all areas of the business.”

Dr Bansal said: “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.”

Legal advice to Allied Irish Bank (GB) was provided by James Dyson at Freeths.

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