Shropshire hotel agrees refinancing deal

A SHREWSBURY hotel has refinanced its development loans after agreeing a new banking deal.

Morgan’s @ The Exchange Hotel has secured a six-figure loan from The North Midlands corporate banking centre (CBC) of The Co-operative Bank in Stafford after switching its corporate banking from NatWest.

Quentin Morgan, owner of the hotel and cafe, lounge bar and restaurant, is using the loan to bring all of his banking under one roof and to refinance various development loans used for the purchasing and refurbishing the premises.

Daran Harding, business development manager at the CBC, said: “The hotel is a thriving business and we look forward to helping Quintin to achieve his business ambitions over the years.”

Mr Morgan said he had opted for the Co-operative Bank after receiving four other refinancing offers.

Mr Morgan purchased The Exchange Hotel in November 2008 and rebranded it as Morgans @ The Exchange Hotel as a cafe, lounge bar and restaurant with six hotel rooms.