Company

Edinburgh-based Archibald Marckay Group is the hospitality development arm of a wider group of companies that enable clients to invest in various commercial and residential property schemes across the UK.

Funding Requirement

£530,000 to help the group acquire a grade B listed building in the Leith area of Edinburgh for hotel redevelopment and also complete the major refurbishment of a new city-centre boutique hotel – Eleven Stafford Street.

Finance Solution

Like many other property investors and SMEs operating in the current climate, the developer turned to Reward after struggling to secure the finance needed from three different high street banks.

The speed required to complete the purchase of 3 John’s Place in Leith and undertake the refurbishment of Eleven Stafford Street also meant that it needed a responsive lender that could provide the funding within a short timeframe.

With the Leith area currently undergoing substantial regeneration, Archibald Marckay Group purchased 3 John’s Place for £975,000 and now plans to develop the former offices into an aparthotel comprising 16 studio apartments.

Brian Machray, Regional Director for Reward Finance Group in Scotland, commented: “We’ve played a key role in funding several major residential and commercial property purchases and development projects across Scotland, so funding this latest acquisition and refurbishment scheme by Archibald Marckay Group is the perfect fit for us as a lender.

“We’re finding many investors and SMEs in the commercial and residential property space are unfortunately being held back and struggling to complete purchases or build projects in the current economic climate because they can’t access finance through high street banks. We’re able to successfully fill this void and deliver agile funding solutions that are needed by so many property businesses to unlock growth opportunities.”

Results

Eleven Stafford Street has been transformed into a thriving boutique hotel in Edinburgh city centre, with the spotlight now focused on developing 3 John’s Place and growing its hospitality division even further.

Client Testimonial

“Developing properties in the hospitality sector is a big area of focus for us and so being able to purchase 3 John’s Place and complete the redevelopment of Eleven Stafford Street is a significant step forward towards achieving our ambitious growth plans.

“After finding it extremely difficult to access finance via several high street banks we were relieved to speak with Brian and the team at Reward who worked with us closely to understand our business needs and provide a flexible working facility. They also provided the funding at speed which was essential to complete the property transaction in Leith and ensure we stayed on track financially when undertaking the sensitive refurbishment of our new boutique hotel on Stafford Street, so that it retained its stunning Georgian architecture, heritage and charm.” Caroline Claydon, Director of Archibald Marckay Group