Chestnut Group has revealed that it has secured £20m in finance from Metro Bank to aid its expansion.
The money will be used specifically to acquire Titchwell Manor Hotel in Norfolk with funding remaining for future potential acquisitions. The group now owns 26 quality pubs and hotels across the East of England.
The new package comprises a £10m revolving credit line and £10m commercial loan and takes the bank’s total support to £50m.
Nick Kalamaras, head of hospitality and leisure at Metro Bank, said: “We’ve worked closely with Chestnut Group for a number of years, listening to their business goals and providing a flexible approach to financing.
“This lending means the business can continue to grow, in turn supporting the local economy and creating new jobs. Metro Bank has a specialist team who understand the unique challenges and opportunities for hospitality and leisure businesses, and we’re pleased to be backing this crucial sector of the UK.”
Philip Turner, at Chestnut Group, added: “Metro Bank understood our needs from the start, and they’ve supported our aspirations over the years as we grow and develop our business. We are passionate about what we do and it’s refreshing to feel the same enthusiasm from our bank.”
It comes after the East of England-based hospitality group announced the appointment of Charley O’Toole as its new chief of staff.
As chief of staff, O’Toole will lead the organisational design to align with the group’s strategic vision, develop and coordinate the execution of its three-year goals and ensure seamless communication of strategic direction across the business.
