Carlowrie Castle, a luxury exclusive use venue just outside of Edinburgh, will create six jobs and expand its capacity after securing a £1.9m funding package.
The funding includes a new loan and refinancing of existing debt, and will be used over the next year to more than double Carlowrie Castle’s bedrooms from nine to 22. The venue will now be able to accept a higher volume of guests to meet rising demand, in turn helping to increase turnover by 30%, with added housekeeping and administration needs supported by the new jobs.
Andrew Marshall, chief executive of Carlowrie Castle, said: “We wanted to work with a bank that understood our business objectives and could support our development and HSBC UK was the perfect partner. Having the backing of the bank will help us realise our ambitions to grow the business and importantly, meet demand from existing and new customers from around the world."
Susan Rowand, head of business banking for HSBC UK in Scotland, said: “This is a great example of how small businesses can respond to high customer demand in a strategic way. We look forward to seeing Carlowrie Castle increase its staff numbers and increase capacity at the property over the coming months.”
Separately, the venue has also successfully obtained planning permission to build twelve luxury lodges on the property once this first round of expansion is complete.
Carlowrie Castle opened in 2015 and was voted one of the top three venues in Europe under 200 bedrooms at the 2016 International Hotel Awards in Venice. It hosts private and corporate events on its grounds and welcomes visitors to stay overnight. With clients from around the world, the venue has quickly become recognized as a top choice for weddings and corporate retreats.