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.