PREM Group renegotiate €38m debt facility with Swedish lender Proventus.

We have successfully renegotiated a €38m debt facility with Swedish lender Proventus. The facility, which was due at the end of August, has been extended out until 2022. We entered into the €38m debt facility in 2015 to purchase several significant freehold assets, including Tulfarris Hotel and Golf Resort in Co Wicklow.

Our CEO, Jim Murphy, said the renegotiation had been identified as crucial for the business. "When we went into this crisis in March, and we were closing down hotels, and we sat with our team and prioritised what we needed to do to come through this crisis, top of the list was renegotiating our €38m debt facility," "We needed to make sure we had the support of our funders, and I'm delighted to say we have been successful in renegotiating that debt facility. "It is a sign of the confidence in our business that they have extended that facility out until 2022. It gives us a lot of comfort that we have the support of our bank."

We are still in a challenging environment due to Covid-19 and we have renegotiated terms on some of the hotels we run via leaseholds. We had to restructure our business in the UK and renegotiate new rental terms with some of its smaller landlords, which had achieved 97pc support. "A lot of work has gone on over the last six months while dealing with the pain of closing hotels and laying off a lot of staff," .

Despite the pandemic, we have opened a new Premier Suites Plus property in Amsterdam in July. We also signed two lease agreements in Belgium, for a Holiday Express in Brussels to open in 2023 and another in Antwerp in 2022. Despite this, it is not doubt going to be a challenging time in the months ahead.