Hostel company takes hats off to Barclays

HATTERS Property, which runs Hatters Hostels, has transferred its banking facilities to Barclays which has have provided a six million pound facility to support its growth.

Established as Hatters Hostels in 2003, the family-owned business has quickly grown to include four city centre properties based in Birmingham, Liverpool and Manchester. The Birmingham hostel is based in Livery Street in the city centre.

The finance secured from Barclays will enable Hatters Property to purchase the four freehold assets, support the recent rebranding of the business and help fund a capital expenditure programme to upgrade the existing hostels, including the development of new bar facilities in Birmingham, Liverpool, and Manchester (Hilton Street).

Karl Kinsella, managing director of Hatters Property, said: “The last decade or so has been an incredible journey developing four quality hostels in three fantastic cities.

“We have built a strong relationship with Barclays over the past 12 months and have been extremely impressed by their sector focus as well as their proactivity and willingness to lend.

“We want a bank for the long-term that supports our aims and ambitions with a relationship team who understand our business.”
 
The Barclays deal team was led by relationship director Sean Askham. He said: “With their vast experience in the sector, the Kinsella family have a developed a strong and successful business.

“Through our support, Hatters Property LLP can now take the business to the next level, investing in their existing portfolio to make their fantastic hostels even better, and fulfilling their ambition to open more Hatters Hostels in other city centre locations over the next few years.”