UK: Inn Collection Group has secured a £42 million loan from OakNorth Bank to refurbish 13 inns within the portfolio and continue its redevelopment plans.
The Black Swan in Helmsley and The Pheasant Inn in Bassenthwaite have recently reopened following refurbishment.
With an initial expansion goal of 900 rooms across 21 sites by 2022, Inn Collection has exceeded this target. The current portfolio stands at more than 1000 rooms across 26 sites, including the first property in Wales.
The group is looking to capitalise on the staycation trend by refurbishing 13 sites.
Sean Donkin, managing director of Inn Collection Group, said: “Covid has of course been hugely challenging for the sector, but as with any good business, we’ve tried to find opportunity in times of turmoil. That is why we are keen to continue developing our portfolio with sites that fit with our proposition of providing high-quality accommodation, service, food and beverages.
“There’s a reason why this is the third time we’ve worked with OakNorth Bank – the team know what they’re doing, understand our business, and deliver on their promise of speed and flexibility. We are grateful to both OakNorth Bank and Alchemy for their continued support.”
Inn Collection Group is backed by private equated firm Alchemy Partners, which has invested over £4 billion in more than 185 transactions since its inception in 1997.
Stuart Blair, debt finance director at OakNorth Bank, said: “We’ve been very impressed by the evolution of Inn Collection Group – over the years, it has continued to build a quality portfolio, balancing ambitious and strategic growth with achievable and sustainable results. With more than 19 years experience in the hospitality sector, Sean has an outstanding track record, and over the last 18 months, has bolstered management with both a CFO and operations director.
“This has evidently yielded results both in terms of positive trading at all new sites – a clear indication of strong site selection – but also in the group’s ability to acquire quality sites throughout Covid at competitive entry prices. The fact that the group has backing from Alchemy Partners, speaks volumes about the quality of both its management team and future growth potential,” he added.
