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Tuesday, January 23, 2018

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Development Bank of Wales provides loan for iconic property transformation

Tom Belger | 14:27 Thursday 11th January 2018

The Development Bank of Wales has provided a £350,000 loan to help the new owners of an iconic hotel and restaurant transform the property.

Fairyhill (pictured above) is located in Gower, Wales and was acquired by wedding specialists Oldwalls last November.

As well as the funding from the Development Bank of Wales, Oldwalls has secured £200,000 from Visit Wales’ Tourism Investment Support Scheme (TISS).

Oldwalls is transforming the Grade II-listed house into a dedicated special event venue, which will open for its first event on 1st March 2018.

Part of the refurbishment includes a modern extension to the west wing of the old house which creates a function room specifically designed to host events.

Andrew Hole, managing director of Oldwalls, said it was investing heavily in the 24-acre, listed grounds to ensure the property is enjoyed for centuries to come.

“The changes will inject vital funds into the local economy too as we are committed to using Welsh suppliers for the million-pound refurbishment project.

“We can’t wait to offer wedding and event visitors the opportunity to revel and enjoy the magic of Fairyhill.”

Previous visitors to Fairyhill have included former British prime ministers, as well as actress Joan Collins and singer Katherine Jenkins.

Raymond Walters, portfolio executive at the Development Bank of Wales, added: “Oldwalls is already established as one of Wales’ leading wedding venues.

“We’re pleased to be able to support this growing local business as it transforms Fairyhill into an exciting business and wedding destination.”

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