UK: Country house estate Beaverbrook, located in the Surrey Hills, has secured a £52 million loan from OakNorth Bank to refinance existing facilities and fund future growth.
Beaverbrook is spread over 475 acres and offers 57 rooms, four restaurants, two bars, tennis courts, a private cinema and The Coach House Spa. It also has an on-site kids’ club run by Sharky & George.
Beaverbrook will this year launch Mickleham Village – a walled complex within the grounds of the hotel, offering 10 cottages, a British-inspired restaurant named Mrs Beeton’s, and an events space called Writer’s Block.
Joel Cadbury, co-founder of Beaverbook Holdings Limited, said: “We are grateful to the team at OakNorth who have built an in-depth understanding of Beaverbrook and are delighted to have refinanced our debt on terms that reflect the maturity of our business and the completion of development works.
“As a founder-led business, they truly understand what founders like me are looking for in banking partners. We have worked with OakNorth before, to fund previous ventures, so know that we are getting a team that is commercial, collaborative, and consistent,” Cadbury added.
Deepesh Thakrar, senior director of debt finance at OakNorth, said: “Given the current cost-of-living crisis, many banks would simply veto doing anything in the hospitality or luxury space, but OakNorth has once again proven that it’s able to identify the gems in every sector. Beaverbrook is a phenomenal business backed by incredibly successful, experienced, and proven founders. They proved their resilience and commitment through COVID, managing to build a highly profitable business in a highly competitive space.”