The Bansal family, which bought the Rockingham Forrest hotel in Corby last May, has purchased a hotel and spa in Oswestry, Shropshire, for more than £10 million.
The Lion Quays Hotel and Spa in Oswestry is the family's second hotel purchase in 18 months, and was acquired through a £7 million funding package from the Royal Bank of Scotland. Dr. Ashok Bansal, his wife Swarnlata and son Dr. Sandeep Bansal reportedly plan to add an additional 30 rooms over the next three years.
The Lion Quays is expected to achieve a £5.5 million turnover in the first year of trading post-acquisition. The Rockingham Forrest is reportedly seeing a £1.7 million turnover since its 2014 acquisiton.
According to the Business Desk, the new owners plan to acquire more upscale UK hotels as part of their long-term strategy.