A Prestwick restaurateur has clinched a £1.14 million funding deal to complete the transformation of a new four-star boutique hotel, aiming to capitalise on the area’s thriving golf tourism industry.
The financial backing, provided by Reward Funding, an alternative finance lender, has enabled Taj Bar and Kitchen to develop nearly 4,000 square feet of space above its restaurant into a 10-bedroom luxury hotel.
The newly opened DeiRa Hotel & Apartments is designed to meet the growing demand for high-quality accommodation from golf tourists – a market that contributes £40 million annually to the Ayrshire economy.
Ayrshire’s coastline is world-renowned for golf, boasting over 40 courses, including several of championship calibre such as Trump Turnberry, Royal Troon and Dundonald Links.
Family-Run Business Expansion
The restaurant and hotel business is part of R&J Uppal Holdings Ltd, which owns an extensive property portfolio in Prestwick, including other commercial and residential properties.
Perry Uppal, the developer, sought a flexible and swift finance provider to secure the funding quickly, allowing for the completion of building work in time to capitalise on this year’s remaining golfing season.
The deal highlights Reward Funding’s ongoing expansion in the commercial property sector. Based in Dunfermline, the lender provides asset-secured funding solutions to property investors and businesses, having recently reached the milestone of lending over £25 million to companies across Scotland.
Flexible Funding Solution
Perry Uppal, director of R&J Uppal Holdings, said: “We recognised that expanding our existing restaurant business – by creating a new luxury boutique hotel – would enable us to drive further business growth and capitalise on the lucrative golf tourism industry across the Ayrshire coast.
“We’d struggled to secure funding through banks, which meant seizing this market opportunity would only be made possible if we could move quickly and find an alternative lender that understand our vision for the business and could deliver a tailored solution.
“The team at Reward have gone above and beyond to provide working capital at a pace needed to meet construction deadlines, minimise disruption to our restaurant business and open before the end of the golf tourism season.”
Lucie Martin, business development director for Reward Funding in Scotland, added: “We are seeing a significant increase in Scottish property investors and businesses approaching us because they have been unsuccessful in securing finance from traditional funders.
“Our purpose is to fill the void left by banks and offer an alternative solution which unlocks business growth opportunities for companies across a range of sectors.
This also plays a wider role in ensuring the Scottish economy doesn’t stand still or even retract due to a shortage of finance.
“It’s been a pleasure working with Perry to provide the funding as a catalyst for future business growth and we look forward to supporting them every step of the way.”
The funding arrangement between R&J Uppal Holdings Ltd and Reward Funding was facilitated by Robert Perrie from TWO Business Finance.
For more information, visit: rewardfunding.co.uk and tajprestwick.co.uk
