Mon, 27 Feb 2023 | BUSINESS SALE
North East hospitality firm The Apartment Group has said it will continue to target acquisitions after announcing a deal for The Croft Hotel in Croft-on-Tees. According to company founder Duncan Fisher, the group is targeting expansion in Yorkshire and into Manchester.
The Croft Hotel is a 24-bedroom Grade-II listed venue and The Apartment Group says it plans to invest £2 million in upgrading the hotel. The group plans to add six additional bedrooms, a new Chapel, refurbish the hotel’s function suite and introduce other improvements across its restaurant, gardens and wellness facilities ahead of this summer.
The hotel joins other sites in the company’s North East portfolio, including Whitworth Hall in County Durham, Runa Farm in Barnard Castle, Newton Hall in Alnwick and Le Petit Chateau in Northumberland.
Duncan Fisher commented: “Each of our wedding venues has its own character and its own story, and the Croft Hotel fits extremely well with this concept.” He continued: “The investment and development programme that’s now under way will put its facilities on a par with all our other locations sister hotels.”
He added: “We’ve shown that the concept of offering affordable luxury in a series of unique venues has huge appeal to the thriving wedding market and we hope to keep spreading our footprint across northern England.”
The Apartment Group CEO Stuart Bailey said: “Plans for our next acquisitions are already well advanced, and locations such as Leeds, York and Manchester are very much on our radar.”
The company’s management team was advised by Hay & Kilner and RMT Accountants & Business Advisors on the acquisition of the Croft Hotel, while funding was provided by Develop North Plc, a fund managed by Tier One Capital.
Stuart Bailey added: “Both RMT and Hay & Kilner are long-term advisors of the Apartment Group and their strategic input is a core part of our ongoing development plans, while securing Tier One Capital and Develop North PLC’s backing for this project is affirmation of the quality of both our business model and plans for the Croft Hotel.”
Read about M&A in the UK hospitality industry.
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