We share relevant third party stories on our website. This release was written and issued by The British Business Bank.
The Swan Hotel, a luxury hotel and spa based in Newby Bridge, Cumbria, has seen a significant uplift in bookings and a 20% growth in team numbers since March 2021 following a £250,000 loan from the Northern Powerhouse Investment Fund.
The loan, which was provided by NPIF – FW Capital, which is managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF) was backed by CBILS.
The loan was provided in October 2020 to support The Swan Hotel through the UK’s lockdowns and protect the organisation’s team and cash flow against the impact of closures across the sector. With this support in place, the hotel has been able to increase its team numbers from 80 to over 100 hiring across all parts of its business.
With this investment and strong visitor demand as a foundation, along with a £7 million investment from BH Group, The Swan Hotel is now undertaking a significant renovation. The hotel is in the process of adding thirty luxury bedrooms and a state-of-the-art spa to its premises and will create an additional 20 full and part-time roles in the process.
To mark the investment, the Northern Powerhouse Investment Fund’s North West Regional Advisory Board hosted its quarterly meeting and a networking event at The Swan Hotel on 5th October. It was an opportunity for stakeholders to discuss the impact of NPIF funding in Cumbria and the North West, as well as the future of finance in the region.
James Houlston, managing director at BH Group, said: “While it’s been a challenging 18 months, with lockdowns coming and going, this investment from NPIF has provided a firm foundation for growth and enabled us to bounce back from the pandemic stronger than ever. The support from FW Capital and NPIF has been invaluable in helping us to expand both our team and hotel, taking our guest experience to the next level.”
Dr Steve Curl, Cumbria LEP Board Member and Member of the NPIF Strategic Oversight Board, said: “I’m extremely pleased to see the Swan Hotel doing so well after significant assistance from NPIF. The effects of the COVID-19 pandemic have been particularly brutal for Cumbria’s visitor economy, so it is extremely heartening to see such a prestigious Cumbrian business start the process of building back better through major renovation and increased staff numbers. I’m delighted that NPIF funding has played such a key role in the process.”
Ken Cooper at The British Business Bank, said: “supporting businesses with investment has been crucial in the hospitality and travel sectors during the pandemic. It was fantastic to meet the team at the Swan Hotel and host NPIF’s Regional Advisory Board meeting at this great venue. The Swan Hotel’s story shows how supporting an organisation with the right funding at the right time can help unlock further potential. We look forward to seeing the business prosper at it welcomes more visitors to this stunning location.”
Alistair Igo, portfolio executive at FW Capital, said: “The team at The Swan Hotel has shown real resilience and adaptability over the last 18 months, and its recent growth is an exciting sign of things to come for the business. With a dynamic, growing team in place, and demand in the sector rapidly increasing, there is strong potential for even more success in the future.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
