THE owner of one of Bournemouth’s best-known hotels has secured £10million in finance after reporting “disappointing” results in the autumn.

Peel Hotels PLC, which owns the Norfolk Royale on Richmond Hill, re-financed its group of nine venues with funding from Allied Irish Bank (GB).

The business, formed in 1998 by hotelier Robert Peel and his brother Charles, has around 500 staff and a turnover approaching £17million.

The new funding arrangement includes a £9.9m five-year term loan facility, which will support a programme of refurbishments and improvements, as well as branch banking services for the hotels.

In October, Peel Hotels revealed that pre-tax profit had dropped by 46.1 per cent to £319,293, while sales fell by 5.1 per cent to £8.6m fort the 28 weeks to August 13. Debt increased by £395,437 to £9.5m.

In July, it reported a “very challenging” time in the previous financial year.

Trish McNicholas, senior relationship manager and a hotel sector specialist at Allied Irish Bank (GB), said: “Robert is a very well-respected and well-known hotelier with a proven track record built up over five decades in the business.

“Earlier in his career, he developed Thistle Hotels into the second largest hotel company in the UK and the largest in London. In Peel Hotels Robert and his strong management teams across the country have succeeded in building a group that provides both business and individual guests with very high standards in both hotel facilities and hospitality.

“AIB (GB) research undertaken earlier this year showed that, despite economic uncertainty surrounding Brexit, the hospitality sector is buoyant, with the UK on course to attract 38 million visitors in 2017 and regional hotels set to hit record occupancy levels. Peel Hotels is therefore well-placed to capitalise on those trends.”

Robert Peel said: “I’ve known AIB (GB) personally for around 15 years and have always had a very good relationship with my contact James O’Donnell and his colleagues there.

“I’ve been particularly impressed by their personal approach, which perfectly echoes my own philosophy of customer service.

“AIB (GB) also has a great deal of hospitality sector expertise, so they understand the nuances of my business, which is a real benefit. Trish and her colleagues have been incredibly helpful already and I’m looking forward to working with them in the years ahead.”