An award-winning holiday business in Fife has completed its expansion plans after agreeing a funding package with Clydesdale Bank.
Morton of Pitmilly – a holiday resort offering 4 star self-catering holiday cottages for rent in Kingsbarns, near St Andrews – has used the seven figure sum provided by the Bank to build six new cottages on its 150 acre diversified farm, taking the number from ten up to 16.
The expansion will see the family-run firm, which was established in 1990, concentrate on increasing its business to business trade, targeting tennis holiday companies, golf tour operators, boot camp providers and corporate team building. The firm will also continue to build upon its core business audience of family groups and couples.
The six new cottages will sleep an additional 32 people, and are expected to be granted 5 stars from national tourist organisation, VisitScotland.
Partner of Morton of Pitmilly, Eilidh Smith, is confident that the expansion will see the business reach the £1 million turnover mark by 2017. The company was recognised as the Best Tourism Business at the Fife Business Awards in 2010 and reported an annual turnover of £350,000 in 2011.
Clydesdale Bank delivered the funding to Morton of Pitmilly 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.
Eilidh Smith commented: “The recent expansion, including the introduction of an indoor tennis court, beauty therapy rooms and gym facility, is a significant step for us, and we are looking forward to the new challenges that it will bring – in particular targeting new business markets.
“Already, we have had considerable interest in our new facilities from boot camp providers and tennis holiday firms. If all goes to plan, this will be extremely beneficial for the business, particularly during our off-peak season which runs from October to February.
“Clydesdale Bank’s backing has been fundamental to our business development plan, and we could not have got to this stage without their support and commitment. The team has put a great deal of time into getting to know our business, and that has been crucial to this expansion.”
Billy MacLeod, Managing Partner at Clydesdale Bank’s Fife & West Lothian Financial Solutions Centre (FSC), said: “Morton of Pitmilly is an extremely successful business which is renowned for its excellent holiday facilities. We’re extremely pleased to be able to support the firm’s expansion which will see it target new business-to-business markets and significantly boost its annual turnover.
“We look forward to continuing to work with Eilidh and her family over the coming years.”