Thursday, June 13, 2024
Thursday, June 13, 2024
HomeNewsRICKARD LEADS FAMILY MBO

RICKARD LEADS FAMILY MBO

Chris Rickard has led a management buyout of the Strathmore hotel group which was founded by his father, Ronnie Rickard, in 1991. Rickard who has been MD of the company since his father’s death in 2012, purchased his mother’s shares.

He is now the majority shareholder of the company, which has assets of more than £30m, and his sister, Louise Hamill,

who is the sales and marketing director, has a minority shareholding.

Said Chris Rickard, Managing Director of the Strathmore Group, “I wanted to keep the group in family ownership and continue the

great work that my dad did in establishing and building up the business. I think that I have been building on his legacy since 2012, and now, following the MBO,

put my own stamp on the business.. We will be seeking to expand our portfolio and grow the group.”

Euan Tripp, associate in Brodies LLP’s corporate team, who advised on the sale, said, “We’re

delighted to have advised Chris on the next phase of Strathmore Hotels’ ambitions. Family

partnerships continue to be the lifeblood of the hotels industry, with a reputation for resilience and a focus on long term sustainability of their businesses.

The current market is a prime opportunity for hoteliers to grow and develop their businesses, with widespread investment being seen across

Scotland’s cities and rural areas, as well as the rest of the UK.”

The Salutation Hotel in Perth was the group’s first acquisition, for £1m, in 1991. It now

stretches from the Nethybridge Hotel in the North to the Cairn Hotel in Harrogate. Turnover

rose 7.0% over the last year from £15.6m to £16.7m and the hotel’s occupancy rate increased from 62% to 64% over the same period.

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