Expansion underway at North East holiday resort as Yorkshire Bank backs new investment

03/01/2012

A North East holiday resort is expanding to capitalize on the growing domestic holiday market as people continue to take a break in the UK rather than travelling overseas.

Five new self-catering holiday homes are being built by Breamish Valley Cottages Ltd, Branton, near Alnwick, after gaining backing from Yorkshire Bank’s Newcastle Financial Solutions Centre (FSC) through the Bank’s Investing for Growth initiative.

The two and three bedroom cottages represent an investment of almost £1m as the business extends its offer to holiday makers as part of plans to gain a bigger share of the North East tourism market.

Breamish Valley Holiday Cottages also has a wide range of leisure facilities including an indoor swimming pool, games room, all-weather tennis court, gymnasium, sauna, steam room, hot tub, croquet lawn, adventure playground and a football pitch.

The new cottages, which will be ready for the next summer season (2012) will bring the total up to 13.

Breamish Valley Cottages director, Peter Moralee, says: “We are delighted that our twenty-two-year-old son, Peter, has said he wants to join the business so we have decided to expand to make this a bigger enterprise for when he takes over in due course.

“There is a steady trend of more people holidaying in the UK which we expect to continue as the economy slowly recovers. We’re close to wonderful Northumbrian beaches and hill walking in the Cheviots and tend to do well, even with uncertain weather, because of our range of indoor facilities.

“We’ve been with Yorkshire Bank Newcastle FSC for some years and they have supported us through difficult and uncertain economic times.”

Breamish Valley Cottages, which has a £300,000 turnover and has created six freelance jobs for local cleaners and gardeners, attracts visitors from throughout the UK all year round. The business is now planning to boost its winter trade by linking fitness holidays to its gymnasium and indoor swimming facilities which already attract members among local people.

Yorkshire Bank Newcastle FSC business partner, Steve Walker, said: “Breamish Valley Cottages is in the right location and has the right mix of top-class indoor leisure facilities and wonderful location amid some of the North East’s best countryside to continue to prosper and we are pleased to be backing this expansion.”

Specialist tax manager at chartered accountants, Douglas Home & Co Ltd, Kelso, Sheryl Macaulay, advised Breamish Valley Cottages Ltd in the deal.

Yorkshire Bank’s Investing for Growth initiative also enables businesses to take loan repayment holidays, interest-only repayments and extended loan and credit terms to support quality growth opportunities. Businesses taking up the package can re-invest the cash into their operation for expansion, new staff, equipment, machinery and commercial development.

Yorkshire Bank’s Newcastle FSC is part of Yorkshire Bank’s North East team which also includes Tees Valley FSC, Stockton, working in multi-discipline teams encompassing corporate banking, private wealth management, treasury services and credit and operates a traditional method of banking with funding from deposits used to support investments in the local community.