Champneys Health Resorts has secured a £108m senior loan from Cheyne Capital, which will be used to refinance and consolidate the group’s existing loan facilities.
The loan will support Champneys’ five-year business plan, which includes large-scale renovations of the Springs property in Leicestershire and Mottram Hall in Cheshire.
Champneys’ portfolio consists of six resorts and hotels in the UK, with a combined total of 538 beds, 249 treatment rooms, and an average of 100,000 people visiting per annum.
Alan Whiteley, chief executive at Champneys, said the group has “many new facilities and innovative treatments in development”. He added: “Part of Champneys’ long and successful legacy as the UK’s original and largest spa group has been its ability to adapt and stay ahead of the curve.”
Theo Hajoglou of Cheyne Capital Real Estate said the loan will support the resort group’s efforts to “maintain a state-of-the-art experience” for guests.
Hajoglou said: “As we emerge from the pandemic, two factors are clear. Firstly, there is significant demand to travel once more and, secondly, health and wellbeing are a major priority for consumers.”
Duxhill Associates arranged the deal.
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