Holiday home firm uses loans to expand

By PETER RANSCOMBE
Published on 11/03/2012 00:00

A LUXURY holiday cottage operator has unveiled plans to triple its turnover by pushing into the corporate travel market after securing a seven-figure funding package.

Morton of Pitmilly, a family-run farm at Kingsbarns, near St Andrews in Fife, is targeting business team-building exercises, golf and tennis tour companies and “boot camp” operators under its expansion scheme.

Loans and an overdraft from Clydesdale Bank have been used to build an extra six holiday cottages at the 150-acre farm, taking its total number to 16. The firm has also built beauty therapy rooms, a gym and an indoor tennis court to tempt in a broader range of customers.

The first ten cottages on the site, which was opened in 1990, carry a four-star rating from VisitScotland, but Eilidh Smith, who runs Morton of Pitmilly, expects the six new holiday homes to receive five-star accreditation from the tourism marketing agency.

“Already we have had considerable interest in our new facilities from boot camp providers and tennis holiday firms,” said Smith.

“If all goes to plan, this will be extremely beneficial for the business, particularly during our off-peak season. The expansion is a significant step for us, and we are looking forward to the new challenges that it will bring – in particular targeting new business markets.”

Billy MacLeod, managing partner at Clydesdale Bank’s Fife and West Lothian financial solutions centre, said: “Morton of Pitmilly is an extremely successful business that is renowned for its excellent holiday facilities.

“We’re extremely pleased to be able to support the firm’s expansion, which will see it significantly boost its annual turnover.”