Plymouth’s renowned Grosvenor Hotel has been snapped up after its new owners secured a seven-figure finance package from HSBC UK.
The five-story hotel, which occupies three Victorian buildings on Plymouth Hoe, has been purchased by Dr Kamran Masud and Manzoor Ahmed as part of a £3 million takeover deal. The new owners have drawn on support from HSBC UK to enter the hospitality industry for the first time.
The landmark deal comes after previous owners, Paul and Lindsey Bennett, decided to sell the business after 10 years of trading. All 18 members of staff have been retained and one new part-time job has been created under the hotel’s new ownership.
Manzoor Ahmed, co-owner of Grosvenor Hotel Plymouth, said: “This is an exciting opportunity for us to pursue our passion for the hospitality industry, enabling us to bring new ideas to a well-established and successful business model. The purchase wouldn’t have been possible without the fantastic support of our HSBC UK Relationship Manager, Sarah Drake, who has made the process incredibly smooth.”
Mark Self, HSBC UK’s Area Director for Devon, Cornwall and Somerset, said: “The Grosvenor Hotel has played an important part in Plymouth’s tourist and hospitality industry for over 25 years. By purchasing the hotel, Kamran and Manzoor have created an excellent investment opportunity and we’re delighted to be supporting them as they take the business in a fresh direction.”