‘FINANCE GUY’ PLANS TO PUT HOTEL ON TRACK
AN investor has taken a 50% stake in the mansion development and hotel businesses run by the couple behind the Plas Glynllifon redevelopment.
Paul and Rowena Williams bought Plas Glynllifon near Caernarfon and Seiont Manor in Llanrug in 2016 – as well as agreeing a deal for Plas Brereton estate, also in Caernarfon.
But a lack of funds saw them fail to complete at Plas Brereton, while work has slowed down at Glynllifon, where they want to develop a luxury hotel.
Now Mylo Capital Limited – run by ‘finance guy’ Myles Cunliffe – has entered into a 50/50 partnership on Glynllifon and Seiont Manor.
He says he can bring the finance to complete work at Glynllifon and says they plan to open part of the site as a hotel and wedding venue within six months.
Mr Williams also says a fresh bid has been lodged for Plas Brereton.
Mr Cunliffe has a background in car and property finance and is currently chairman of property development firm Etaireia Investments PLC.
He said: “Work has slowed down at Glynllifon but this will change shortly, within four to six weeks, and will step up.
“I can bring the funds to make this project happen.
“The short term aim is to be open within six months as a hotel and wedding venue. It will be the front of the building that will be opened with around 24 rooms available.
“The medium-term aim is to develop the other bedrooms in the hotel with the long term ambition of bringing restaurant facilities and developing other areas like the cellars. It will take a significant sum to complete these works.”
Paul and Rowena Williams announced in May they had sold six hotels in Mid Wales and England – under the company name Leisure and Development Ltd – to Coast2Coast to help fund the developments.