Inn Collection Group secures £42m funding for renovation and expansion
OakNorth provided capital to the north-east-based business in 2019, along with Alchemy Partners, to help it reach 21 sites by 2022 – a target it has already surpassed.
The operator has already reopened two of its newly renovated sites – the Black Swan in Helmsley and the Pheasant Inn in Bassenthwaite.
Opportunity in times of turmoil
The Inn Collection Group managing director Sean Donkin 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.”
OakNorth Bank debt finance director Stuart Blair added: “We’ve been very impressed by the evolution of The Inn Collection Group. Over the years, it has continued to build a quality portfolio, balancing ambitious and strategic growth with achievable and sustainable results.
“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.”
First site in Wales
The Inn Collection Group took on its first site in Wales in December last year with the acquisition of the Swallow Falls Hotel in Snowdonia National Park.
At the time, Donkin said: “We are passionate about investing in unique sites like Swallow Falls and to unlocking their potential through sympathetic restorations while preserving the character and charm that makes them such special places to eat, drink, sleep and explore from.”
The Inn Collection Group’s estate includes sites in Northumberland, County Durham, Tyne & Wear, Cumbria, Lancashire and Yorkshire. Plans for a 42-bedroom new-build site on the seafront in Redcar, Teesside, were approved last month as well.
