STR Injects £2m HSBC Finance Into North East Hotels

***Investment supports new kitchen and restaurant at The Victoria Hotel in Bamburgh***

***STR Enterprises commits to North East with programme of refurbishments across portfolio***

STR Enterprises’ Centurion Bar at Newcastle Central Station

Newcastle based STR Enterprises Ltd is investing in a programme of refurbishments across a number of its hotels in the North East, using a £2million facility from HSBC.

Funds will be invested in refurbishing Manor House and The Honest Lawyer Hotels, both in County Durham in coming months. Renovations in January at The Victoria Hotel, a property that has been part of STR Enterprises’ portfolio for twenty years, saw a number of new rooms developed including a restaurant.

As part of STR Enterprises’ ongoing commitment to the North East, the HSBC funding will also support a wider growth strategy as the firm plans to expand the overall number of rooms across its hotel portfolio.

Tony Leech, Area Director at HSBC in the North East, said: “We were more than happy to support STR Enterprises’ ambition to contribute to a thriving tourist economy in the North East. With solid knowledge of the sector, the STR team has demonstrated a clear strategy for growth that will positively contribute to the region’s booming hospitality sector.”

Funding was allocated from the bank’s national £10billion SME to actively support UK SMEs of which £300million is specifically designated to support North East firms and rebalance the economy outside of London.

John Sanderson, Managing Director of STR Enterprises Ltd, said: “To best serve our customers we need to provide them with top class services. We set out an ambitious programme of refurbishments that would not only upgrade a number of key sites but also help to grow our business. HSBC understood our intentions from the beginning and facilitated a package that helps to meet our business needs.”