A SCOTTISH hotel group established almost 30 years ago is set to stay in the family after a second management buy-out (MBO).
Ronnie Rickard started the Strathmore Hotels Group in 1991 when he acquired the Salutation Hotel in Perth, followed by five other hotels. In 2002, he and operations director Lawrence Cormack took over the group after launching an MBO, but Rickard died in in 2012.
Now Chris Rickard, his son and majority shareholder, who joined the East Kilbride-based group in 2001, has bought out his mother’s shares to take control of the company.
His sister, Louise Hamill – a minority shareholder – is its sales and marketing director and has also been closely involved in growing the business. Rickard said: “Obviously the Strathmore Group means a lot to me personally and professionally. I wanted to keep the group in family ownership and continue the great work that my dad did in establishing and building up the business.
“I think that I have been building on his legacy since 2012 and now, following the MBO, put my own stamp on the business.
“I am excited by the challenges ahead and want to lead Strathmore Hotels into a bright future and will be seeking to expand our portfolio and grow the group.”
Iain Walker, from French
Duncan LLP, who advised on the deal, added: “Given the current market and management’s hotel heritage, the business is well positioned for growth.”
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