The Challenge
At the time London based husband and wife management team, Joe and Holly Hobson, were seeking to move away from high powered careers as City lawyers, and into the hospitality industry as hoteliers. They had no relevant sector operational experience or senior contacts within the local commercial finance space to seek funding support towards the acquisition of the target country house hotel based in North Yorkshire.
Stone House Hotel, near Hawes in Wensleydale, was originally owned and operated by a family who were planning to retire from hospitality following the sale of their country house hotel. Originally built in 1908, the property includes 24 bedrooms, a 50-cover restaurant and bar and around 40 employees.
The acquisition represented a career change for Holly and Joe, who relocated to the North Yorkshire area with their daughter after leaving their full-time roles as lawyers in London.
The Solution
The couple were introduced to PMD Business Finance by MHA Moore & Smalley, where they were referred to John Platt, head of property finance. PMD were able to arrange A £1.5m commercial mortgage facility with a High Street Bank on a long term committed fixed rate loan product. This allowed them to realise a lifetime ambition of owning their own business whilst relocating to the countryside for an improved quality of life.
The Results
"My family has a strong history and experience in the hotel industry and I'm delighted that Joe and I will be able to continue this tradition in a community that has already been so welcoming to us," said Holly Hobson. "We hope to give back where we can by ensuring an enjoyable working environment for the team, using local suppliers, and supporting local businesses wherever possible.”.
“It was a great pleasure to work with Holly & Joe in securing the funding they needed to fulfil their long term ambitions. Their business plan was well thought out & built around sound assumptions. The balance of client cash & debt was extremely equitable & the Hobson’s commitment to the project was self evident. PMD were delighted to implement a suitable funding package provided by the ideal lender who had made significant investments in to sector across the region. We really enjoy working on Hospitality & Hotels mandates & are extremely proud of our track record of delivering for clients within the industry."