Jurys Inn raises £60m for expansion
Hotels chain Jurys Inn has said it had secured £60 million in funding to support further growth in the UK.
The mid-market operator, which has 21 hotels in the UK and seven in Ireland, attracted £15 million each from major shareholders - the Oman Investment Fund and investment business Quinlan Private - with the remainder in debt.
It said the funds will enable it to look at new development opportunities in key markets such as London.
Jurys is already planning to open new hotels in Aberdeen and Prague - its first on mainland Europe - in September, with four more to follow next year at Portsmouth, Glasgow, Newcastle and Bradford. It has opened five sites this year at Sheffield, Watford, Exeter, Swindon and Derby.
Chief executive John Brennan described current trading conditions as challenging but said the fundraising represented a vote of confidence in the business and its growth plans.
The company added that trading at its seaside hotels bucked difficult trading conditions seen elsewhere, as recession-hit households opted for breaks closer to home.
Jurys reported 10% sales growth at its Brighton and Plymouth properties and strong forward bookings for the rest of the summer.
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