Oakman Inns & Restaurants has partially refinanced its secured debt on two of its properties through an £11m loan from Cynergy Bank, in a deal that significantly lowers the company’s interest rate-burden.
The bank provided £3.2m for The White Hart in Bedfordshire and £7.8m for The Royal Foresters in Berkshire, and the new deals will significantly reduce interest charges.
Additionally, the loans were provided with an initial 12-month interest-only period followed by repayments modelled over a 24-year term.
CEO Peter Borg-Neal said the refinancing will support the business as it embarks on its next phase of growth.
“We have several planned developments in 2020 which will continue to grow Oakman Inns. With increased revenue last year of 37% and group EBITDA increasing by 50%, we are becoming an ever-bigger player in the market, but we have to remain financially shrewd while maintaining the corporate ethos that has seen so many communities embrace our environmental and sustainable principles.”
Oakman runs 24 distinctive all-day family-friendly establishments across the south of England.