A BELOVED Italian restaurant in the heart of Conwy has a new lease of life under new owners, who have taken on the premises with support from the Development Bank of Wales.

Alfredo’s, on Lancaster Square, Conwy, was bought from retiring owners Pete and Christine Scaletta – who ran and owned the restaurant for more than 30 years – by Richard Reynolds, himself supported by a six-figure loan.

The Italian restaurant is based in a large 13th-century building dating back to the founding of the medieval town, and is a popular fixture for residents and visitors alike.

New owner Richard also owns other well-known North Wales eateries including Bodnant Welsh Foods, Eglwysbach and Tribells fish and chips in Llandudno.

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Richard said: “Alfredo’s has been a well-known and fondly-regarded destination for visitors to Conwy for decades, and I’d like to thank Pete and Christine not only for all of their work in building up Alfredo’s reputation in the last 30 years, but also for their support and advice during this transition.

“Taking on Alfredo’s has been smooth thanks to their help, meaning we’ve been able to hit the ground running as we look to a busy summer season.”

“I’d also like to thank the Development Bank of Wales for their help in acquiring the restaurant.

“This isn’t the first time I’ve bought a popular restaurant, but their help has been invaluable and I’d recommend them to any businesses looking to expand or open new premises.”

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Will Jones, investment executive at the Development Bank of Wales, said: “We’re delighted to have been involved in giving a new lease of life to Alfredo’s, which has been hugely popular across North Wales for decades.

“It’s played a really important role in the hospitality and visitor economy in Conwy, and we’re very pleased that we’ve been able to help keep the business in local ownership.

“It will be in excellent hands with Richard, and we look forward to hearing of its success as it goes from strength to strength.”

The Wales Flexible Investment Fund is open to deals between £25,000 and £10 million, with loans, mezzanine finance and equity investments available, with flexibility for terms of up to 15 years.