The stately home – which was built in the 19th century – is situated on the southern tip of the Cowal peninsula, overlooking Rothesay Bay in Argyll & Bute on the west coast of Scotland.
The multi-million-pound investment will boost the local economy, create a number of jobs and secure the future of the house and grounds as the owners aim to promote it as a major venue for private events and plan to rent out some of the estate cottages as holiday lets.
The owners Keith and Denice Punler have both received the Scottish Entrepreneur of the Year Award several times for different ventures, and they both boast a wealth of experience in successfully running large development projects and tourism initiatives.
Keith said that the support and funding from Cambridge & Counties Bank was at the heart of their plans to turn Castle Toward into an even more successful local and national landmark.
“It has helped put the castle on a firm financial footing as it enters the next exciting era in its history.
- Challenger bank funds department store acquisition
- Aldermore provides £3.3m for Dalnair Castle conversion
- Castle folly at Forbidden Corner faces demolition
“The bank took a hands-on approach, with the loan being made available within a month from approval, and we are now very excited to bring our vision for Castle Toward into fruition.
“This is incredibly exciting for us and excellent news for Dunoon, Cowal and Argyll & Bute as a whole.”
Broker Chris Whitney at Enness Group, who introduced the Punlers to the bank, added: “Cambridge & Counties are one of the few niche banks who genuinely look to support UK businesses and entrepreneurs by having bespoke commonsense underwriting on a case-by-case basis rather than the tick-box process which is sadly employed by too many financial institutions.
“They work with us to actively find solutions for our clients and those solutions are implemented in a friendly and efficient manner.”
Sue Higginson, senior business development manager for South East at Cambridge & Counties Bank, said: “It is clear that Keith and Denice have a passion and vision for Castle Toward and it’s great that we have been able to help them realise their ambitions and aspirations.
“We know that Cambridge & Counties Bank offers a competitive, unique service for clients and we look forward to working with more SMEs during 2018.”