Lanark pub set for transformation with £350K Assetz Capital loan
Business boost for Lanark's Crown Tavern
Marketplace lender Assetz Capital has provided a £350,000 refinance loan to The Crown Tavern pub in Lanark to fund a refurbishment and third floor residential conversion.
Following the decision by an existing lender to withdraw from the sector, Assetz Capital helped The Crown Tavern with the refinancing package, freeing up additional capital to undergo a light refurbishment of the two-story bar and restaurant.
The loan will also see the renovation of the third-floor space, transforming it into a pair of two-bedroom residential apartments.
As a long-established traditional pub located in the heart of Lanark (Hope Street), The Crown Tavern has been run by Irene Alexander for over 14 years and is popular with locals and tourists alike. Boasting a bar and restaurant area set over two floors serving homemade meals, it also hosts regular quiz nights and Lanark club meets, such as the Round Table and Inner Wheel, each month.
Irene said: “Assetz Capital helped us out of a tough financial situation, allowing us to get back on track and assess where we could invest money into other areas of the business. We have wanted to convert the top floor of the building for some time now as it was wasted space, and this loan has given us the capital and peace of mind needed to do that.”
The loan follows a number of leisure and hospitality deals for Assetz Capital in Scotland, including St Andrews-based luxury guest house Dukeside Lodge.
John Hewitt, Regional Director at Assetz Capital’s UK – North team, said: “The Crown Tavern is a real gem of Lanark and that is solely down to Irene’s management over the years and the team she works with. We are pleased to have had the opportunity to help with these new plans, and we look forward to seeing them come to fruition in the coming months.”
The loan was brokered independent consultant Gerry Lafferty.