Chestnut Group, the East of England hospitality company, has received £20mn in new financing from Metro Bank, taking the bank’s total support to £50mn. The new package comprises a £10mn revolving credit line and £10mn commercial loan.
The lending is being used by the leading hospitality group for expansion, 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.
Metro Bank supports UK businesses through specialist relationship banking, industry expertise and a breadth of corporate lending facilities. The bank has an established team of experts working with Hospitality and Leisure clients across the UK to support their business ambitions and growth objectives.
Nick Kalamaras, Head of Hospitality and Leisure at Metro Bank commented: “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.”
