The Co-operative Bank has awarded Timpson with £3.1m in funding for the acquisition of Maelog Lake Hotel in Rhoscolyn, Wales.
Timpson has bought the hotel to act as a 'holiday retreat' for its staff and will use part of the funding gained from the Manchester-based bank to acquire and refurbish its head office in Wythenshawe.
Maelog Lake Hotel has been acquired from Oldham-based hotelier, pub operator and brewer JW Lees and becomes the sixth holiday home available to staff in addition to those in Turkey, Estopana on the Costa del Sol, Bournemouth, Ribby Hall in Blackpool, and Snowdonia.
Timpson, which owns and operates the White Eagle pub in Rhoscolyn, plans to upgrade the reception/bar and restaurant areas of the hotel for public use and also plans to create a number of apartments on the upper floor, which will be available to staff.
The refurbishment of its head office is currently underway.
Timpson is an established market leader in key cutting and shoe repairs, with more than 800 outlets nationwide.