OakNorth Bank signs £750k deal for Southport hotel acquisition
Entrepreneur bank OakNorth has completed a six-figure debt finance deal with Bliss Investment Partners, enabling the firm to acquire the four-star Ramada Plaza Southport hotel.
Bliss used the £750k agreement with OakNorth to purchase the 133-bedroom venue from leisure operator Even Southport Ltd.
Bliss Investment Partners is managed by Robert Agsteribbe, a minority shareholder in Even Southport Ltd, alongside Daniel Broch, the founder of cinema chain Everyman.
In addition to its guest rooms, Ramada Plaza Southport has an on-site restaurant called The Marine Brasserie and a bar, gym and conference facilities for up to 300 people.
The site also has an underground car park with 80 spaces.
Built in 2008, the hotel is based in the heart of the town’s Waterfront Development, adjacent to Southport’s theatre and convention centre.
Robert Agsteribbe and Daniel Broch, Bliss’ managing partners, said in a joint statement: “We’re hugely excited about this purchase – we love the business and particularly the great team of people.
“This acquisition locks in a great property with an established and highly effective management team which provides the perfect platform from which to grow the company across further locations in the UK.”
They continued: “The team at OakNorth were incredibly supportive throughout the process, ensuring that we fully understood what information we needed to provide them with and what the next steps in the process were.
“It was a very different experience to what we’ve had with other banks – we genuinely felt that we had a partner in OakNorth and that the team were available to help any time day or night.”
Commenting on the deal, OakNorth Bank’s debt finance director, Deepesh Thakrar, said: “Since our launch in September 2015, we have provided debt finance for a number of hotel deals, including the development of a 200-bedroom aparthotel in Liverpool and the purchase of the Best Western Calcot Hotel in Reading.
“Robert and Daniel’s experience, coupled with the strong management team, and the hotel’s outstanding reputation, put it in a prime position for continued success in the future.”
Deepesh added: “With Royal Birkdale hosting the Open Golf Championship later this year, the hotel will remain a prime destination for tourists and professionals alike - we look forward to working with the team on future opportunities.”
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