Member Article

Hatters Hostels Set To Invest After Barclays Backing

Hatters Property LLP which runs Hatters Hostels has transferred its banking facilities to Barclays who have provided a six million pound facility to support the continued impressive growth of the business.

Established as Hatters Hostels in 2003, the family-owned business has quickly grown to include four city centre properties based in Liverpool, Manchester and Birmingham - the first and most well-known Hatters was founded at Newton Street in the Northern Quarter of Manchester’s city centre and now offers 160 beds. Following its success, Hatters opened a second Manchester operation on Hilton Street (Hatters at Hilton Chambers), followed by Livery Street in Birmingham and Mount Pleasant in Liverpool.

The finance secured from Barclays will enable Hatters Property LLP to purchase the four freehold assets, support the recent rebranding of the business and help fund a capital expenditure program to upgrade the existing hostels, including the development of new bar facilities in Liverpool, Manchester (Hilton Street) and Birmingham.

Karl Kinsella, Managing Director of Hatters Property LLP, said:

“The last decade or so has been an incredible journey developing four quality hostels in three fantastic cities. We have built a strong relationship with Barclays over past 12 months and have been extremely impressed by their sector focus as well as their proactivity and willingness to lend. We want a bank for the long-term that supports our aims and ambitions with a relationship team who understand our business.”

The Barclays deal team was led by Relationship Director Sean Askham. He commented:

“With their vast experience in the sector, the Kinsella family have a developed a strong and successful business. Through our support, Hatters Property LLP can now take the business to the next level, investing in their existing portfolio to make their fantastic hostels even better, and fulfilling their ambition to open more Hatters Hostels in other city centre locations over the next few years.”

This was posted in Bdaily's Members' News section by David Bruce .