Ardent Group secures seven-figure loan to develop luxury lodges in Fife

Family-run hospitality and property development firm Ardent Group has secured an £8.3m loan from OakNorth bank to fund a new hospitality development in St Andrews, Fife.

The seven-figure loan will fund the development of 21 luxury holiday lodges on a 6.27-acre site at Clashwood, located less than two miles south-west of St Andrews.

The accommodation will feature four bedrooms and amenities including private hot tubs and landscaped surroundings, and will target affluent leisure travellers, including golf tourism, overseas visitors, wedding parties and families.

Commenting on the transaction, Robin Keane, director of Ardent Group, said: “St Andrews is one of the most desirable leisure destinations in the UK, with year-round demand driven by golf tourism, the university and its international appeal. We’ve spent considerable time refining the planning and specification for this scheme to ensure it delivers a genuinely premium product that reflects the quality of the location.

“OakNorth took the time to understand both the opportunity and our operational track record in self-catering accommodation. Their speed, flexibility and ability to support a complex development-led project made them the right funding partner for us, and we look forward to working with them as we bring this scheme to life.”

Matteas Law, associate director of debt finance at OakNorth, added that the Aberdeen-based group “has a strong track record across property development and hospitality, and this scheme benefits from an exceptional location in one of Scotland’s most resilient and high-performing leisure markets”.

Law added that St Andrews continues to see “robust demand” from domestic and overseas visitors which made it an attractive business venture.

Ardent Group was founded in 2001 and is owned and operated by the Keane family, who own and operate hotels, self-catering accommodation, pubs and retail assets across Scotland and Ireland.