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An award-winning Fife holiday provider is set to expand its facilities after agreeing a £1 million funding package with Clydesdale Bank.
Morton of Pitmilly, which offers luxury self-catering holiday cottages and leisure amenities at Kingsbarns, near St Andrews, will use the money to build four additional cottages on its 150 acre diversified farm, taking the number from ten up to 14.
The family-run business, which has been operating for 21 years, welcomes approximately 3,000 visitors annually and boasts a 75 per cent repeat business rate. The money will be used to build two new three-bedroom houses and two four-bedroom houses.
The addition of the new cottages is part of a larger expansion project that the business has undertaken in recent years, including the introduction of a new gymnasium, treatment rooms and indoor tennis court on the premises for visitors to use.
Clydesdale Bank has delivered the funding in the form of a long term loan and overdraft facility as part of its Investing for Growth strategy - an initiative which helps successful businesses to grow.
In 2010, Morton of Pitmilly reported a turnover of £350,000 – a figure which the owners anticipate will double over the next three years as a result of the deal with Clydesdale Bank.
Morton of Pitmilly was recognised as the Best Tourism Business at the Fife Business Awards in 2010.
Eilidh Smith, Partner, Morton of Pitmilly, said: “We are delighted to announce the expansion of our self-catering holiday cottages at Morton of Pitmilly as a result of the funding received from Clydesdale Bank.
“We experienced our best business year to date in 2010, and with a host of new facilities on offer to our visitors – treatment rooms, an indoor tennis court and a larger gymnasium – we felt that now was an ideal time to expand the business further, giving more people the opportunity to spend enjoyable time here with friends and family.
“As a result of the current economic climate, we have found that people are increasingly opting to spend their holidays in the UK. This has certainly been very beneficial for the business, but we also believe that our middle market prices and proximity to popular tourist attractions in Fife and across Scotland have been key factors in the success of the business to date.”
Russell Keiller, partner at Clydesdale Bank’s Perth Financial Solutions Centre (FSC),said:
“Morton of Pitmilly is a popular holiday destination for people living throughout the UK and further afield. We’re delighted to be able to support the family-run business as it prepares to embark on the latest phase of its expansion.
“With growing numbers of people now deciding to holiday within the UK, this is an extremely worthwhile investment, and we look forward to working with the company further in due course.”
Clydesdale Bank launched its new business support initiative – Investing for Growth – to help successful businesses grow and develop. The support package offers both new and existing business customers a dedicated planning service and a more flexible approach to lending.
Loan repayment holidays, interest-only repayments and extended loan and credit facilities are just some of the flexible support options available under the Investing for Growth initiative which also includes a dedicated financial planning service.
-Ends-
For media enquiries, please contact:
Nicola Macnaughton
The BIG Partnership
0141 333 9585
07725 638 246
Morton of Pitmilly, which offers luxury self-catering holiday cottages and leisure amenities at Kingsbarns, near St Andrews, will use the money to build four additional cottages on its 150 acre diversified farm, taking the number from ten up to 14.
The family-run business, which has been operating for 21 years, welcomes approximately 3,000 visitors annually and boasts a 75 per cent repeat business rate. The money will be used to build two new three-bedroom houses and two four-bedroom houses.
The addition of the new cottages is part of a larger expansion project that the business has undertaken in recent years, including the introduction of a new gymnasium, treatment rooms and indoor tennis court on the premises for visitors to use.
Clydesdale Bank has delivered the funding in the form of a long term loan and overdraft facility as part of its Investing for Growth strategy - an initiative which helps successful businesses to grow.
In 2010, Morton of Pitmilly reported a turnover of £350,000 – a figure which the owners anticipate will double over the next three years as a result of the deal with Clydesdale Bank.
Morton of Pitmilly was recognised as the Best Tourism Business at the Fife Business Awards in 2010.
Eilidh Smith, Partner, Morton of Pitmilly, said: “We are delighted to announce the expansion of our self-catering holiday cottages at Morton of Pitmilly as a result of the funding received from Clydesdale Bank.
“We experienced our best business year to date in 2010, and with a host of new facilities on offer to our visitors – treatment rooms, an indoor tennis court and a larger gymnasium – we felt that now was an ideal time to expand the business further, giving more people the opportunity to spend enjoyable time here with friends and family.
“As a result of the current economic climate, we have found that people are increasingly opting to spend their holidays in the UK. This has certainly been very beneficial for the business, but we also believe that our middle market prices and proximity to popular tourist attractions in Fife and across Scotland have been key factors in the success of the business to date.”
Russell Keiller, partner at Clydesdale Bank’s Perth Financial Solutions Centre (FSC),said:
“Morton of Pitmilly is a popular holiday destination for people living throughout the UK and further afield. We’re delighted to be able to support the family-run business as it prepares to embark on the latest phase of its expansion.
“With growing numbers of people now deciding to holiday within the UK, this is an extremely worthwhile investment, and we look forward to working with the company further in due course.”
Clydesdale Bank launched its new business support initiative – Investing for Growth – to help successful businesses grow and develop. The support package offers both new and existing business customers a dedicated planning service and a more flexible approach to lending.
Loan repayment holidays, interest-only repayments and extended loan and credit facilities are just some of the flexible support options available under the Investing for Growth initiative which also includes a dedicated financial planning service.
-Ends-
For media enquiries, please contact:
Nicola Macnaughton
The BIG Partnership
0141 333 9585
07725 638 246
but I suppose because it is a farm and already has lots of assets the security is their for the bank.
