Old Amersham Hotels (Holdings) Ltd, a company that runs three hotels and venues in Buckinghamshire, plus its sister company Redesdale Holdings Ltd, which runs hotels in the Cotswolds, have each received a Coronavirus Business Interruption Loan Scheme (CBILS) overdraft via Cynergy Bank.
Both companies refinanced loans with Cynergy Bank in February. The new CBILS finance provides both Old Amersham Hotels and Redesdale Holdings Ltd with a £250,000 overdraft. The overdrafts were provided to support the businesses with their working capital requirements during the Covid-19 outbreak.
Old Amersham Hotels (Holdings) Ltd has three hotels, The Crown, Kings Arms and Kings Chapel – all in Old Amersham. Redesdale Holdings Ltd has two properties – the Redesdale Arms in Moreton in Marsh and Number Four at Stow, both of which are in the Cotswolds.
The Crown in Old Amersham is a 500 year-old coaching inn. The Kings Arms Hotel is a 36-bedroom inn dating from the 1400s. It has been used extensively in TV and film productions including Four Wedding and a Funeral, Miss Marple and Midsomer Murders.
The Redesdale Arms hotel is a 34-bedroom hotel dating back to 1650 and Number Four at Stow is a contemporary boutique hotel with 18 rooms on the outskirts of Stow-on-the-Wold.
Ben Bradley, Finance Director at Old Amersham and Redesdale said: “We were struggling to access support with other banks, so we were pleased to agree a facility with Cynergy to help us through this difficult period. We are looking forward to rebuilding our business with Steve Crosswell, Sat Shingadia & Cynergy Bank’s continued support.”
Ravi Sidhoo, Managing Director, Cynergy Bank Private & Business Banking added: “Cynergy Bank is delighted to have concluded this transaction with Amersham & Redesdale, buying the firm valuable time it needs because of the impact of COVID-19 on the hospitality sector.”
Steve Crosswell, Relationship Director at Cynergy Bank, said: “Cynergy Bank has supported Old Amersham & Redesdale with a total of £500,000 of new monies to support this highly successful group during these turbulent times. The shareholders have supported the businesses since inception and since then they have created an attractive group of good performing assets in strong locations. We very much look forward to working with them in the future.”