Two local entrepreneurs have secured a £1.8 million loan to reopen and transform the Holm House Hotel on the Vale of Glamorgan coast, which closed last year.
Holm House is an iconic 1920s coastal retreat located on Penarth’s Marine Parade – famously known as ‘Millionaires’ Row’. It operated as a luxury hotel from 2004, hosting celebrities including Tyson Fury, David Hasselhoff, Daniel Craig and Harry Styles.
However, having struggled to return to profitability after the Covid-19 pandemic, in early 2024 it announced it was closing its doors.
But not for long. Kashif Ahmed and Rushna Ghaznavi, who as their day jobs own and run local accounting firm Agnitio Accountants, have secured a £1.8 million loan from Allica Bank, arranged by financial platform Capitalise.com, to bring the Penarth landmark back to life and transform it into a premier destination.
“Our plan is to run things very differently to before,” said Kashif. “Instead of operating as a standalone hotel, we are bringing together a collective of best-in-class operators to manage the rooms, the restaurant and the spa individually.”
Earlier this year, it was revealed that Holm House was to become the second venue of Silures – recently named Cardiff’s most booked restaurant of 2024 by The Fork.
“Holm House is deeply rooted in Penarth’s rich history and we’re delighted to play a part in keeping it alive. Rushna and I have ambitious plans to further develop Holm House as a luxury destination perfectly positioned between nature and culture. For example, we are already actively exploring potential partners for a new wellness centre.”
The £1.8 million bridge-to-term loan was secured from business bank Allica with support from financial platformCapitalise.com. Kashif explained that one reason the hospitality sector has really struggled since the pandemic is the lack of banks willing to give the sector the backing it needs and deserves.
“Hotels, restaurants, pubs – the whole hospitality sector – are a critical part of Britain’s economy and our communities. But they really struggle to find the finance they need from the traditional banks to grow. We’re fortunate that Capitalise connected us with Allica Bank, who were willing to listen and understand our vision for Holm House. The high-street banks didn’t even give us a look in.”
Andy Reeder, Business Development Manager at Allica Bank, said, “When we spoke with Kashif and Rushna about their plans for Holm House, their passion and vision for the property were infectious. I’m delighted that Allica are able to support them and help give this iconic hotel a new lease of life. This bridge-to-term loan will give them the opportunity to build up a trading history before automatically switching onto a more typical commercial mortgage.”
Senior Funding Specialist George Corrigan from Capitalise, who connected Kashif and Rushna with Allica, said, “Hospitality sector businesses need all the support they can get right now, but are all too often left wanting. That’s why it’s critical the expertise is there to help them find the funding they need to grow. The whole Capitalise team is looking forward to seeing how Kashif and Rushna realise their vision for Holm House.”
