£2.5m Covid-19 lifeline for iconic venues
The owner of iconic Ed inburgh hospitality venues Prestonfield House Hotel and The Witchery has secured a multimillion-pound lifeline as the sector continues to be battered by coronavirus restrictions.
James Thomson was Scotland’s youngest licensee when he founded The Witchery restaurant at the top of the capital’s famous Royal Mile in 1978, aged 20, with just three staff. He has since grown his business to employ hundreds of people.
His company, Castle gate Investments, evolved with the purchase of Prestonfield House, where he had worked as a student, in 2003; and the Tower Restaurant, which was forced to close its doors permanently this year due to the pandemic.
The five-star Witchery and Prestonfield House venues reopened their doors to the public last month following their temporary closure in October. The company, which has seen its wedding and events arm severely reduced by lockdown measures, said it was committed to retaining its remaining employees.
The firm has secured £2.5 million in coronavirus business interruption loan scheme (CBILS) funding through Royal Bank of Scotland to support the venues through the impact of coronavirus.
Thomson, owner and director of Castlegate Investments, said: “I began my business by taking out three loans, allowing me to establish The Witchery and purchase the freehold of the property.
“The company wouldn’t be where it is today without the support of banks, and I’m lucky to have built up a strong relationship with Royal Bank of Scotland over the years.”