Highland Coast Hotels secures £4.45 million investment from the Scottish National Investment Bank
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A HOTEL company which operates four establishments on the NC500 through Sutherland, has succeeded in securing a substantial bank loan, it has been announced.
The Scottish National Investment Bank, has agreed to invest £4.45 million into Highland Coast Hotels.
The loan will be used to upgrade the firm's four hotels – the Kylesku Hotel; the Newton Lodge, Unapool; the Royal Marine in Brora and the Royal Golf in Dornoch. Repayment will be made through income generated by the hotels.
Scottish National Investment Bank chief executive Eilidh Mactaggart said: “Our investment will support a vital industry for the Highlands whilst securing quality employment, educational and training opportunities in rural communities.
“The investment will also benefit local businesses through Highland Coast Hotels’ commitment to sourcing food, beverages and other supplies locally, and partnering with other local businesses who can offer activities and visitor experiences to its guests.”
As well as direct and indirect employment creation, the investment will also ensure that Highland Coast Hotels can continue to provide education and training opportunities for the hospitality sector through the University of Highlands & Islands and springboard collaborations, and a minimum of 10 apprenticeships over the next three years.
Highland Coast Hotels chairman David Whiteford said: “This investment from the Scottish National Investment Bank is not only significant for our highly-talented teams within Highland Coast Hotels, but also the much-valued communities in which we operate.
"We will continue to develop hotels that communities can frequent and be proud of, whilst our aim is to source all produce from as close by as we possibly can, bringing significant benefits to local supply chain.
“We are already engaging with a number of local artists, artisans, ‘visitor experience’ providers and food producers to build the authenticity of guest experiences, grow local businesses and stimulate the creation of ‘start-ups’.
“We’ve already established community liaison committees for each hotel which will ensure local people and businesses are involved in key decisions that affect their way of life on the North Coast 500."
He added: “One of the biggest challenges that remote areas like this face is a lack of employment opportunities, particularly for young people. That’s why we are especially excited that the investment will lead to the development of a new Hospitality Foundation Course at the University of Highlands & Islands and the establishment of a Modern Apprenticeship Scheme.
“We are also hoping to be awarded further valued funding from Highlands and Islands Enterprise to help the development plans.
“This investment undoubtedly helps put the North Coast 500 community firmly on the road to a more sustainable future.”
The Scottish National Investment Bank was launched by the Scottish Government in 2020 to provide capital to businesses and projects throughout Scotland.
