Cameron Ventures Group, an operator of a number of hotels in the Suffolk area, has received a £5.875m loan from Cynergy Bank to fuel its growth plans.
The loan, £5m of which was a CBILS loan while the remainder was lent through the Recovery Lending Scheme, has been agreed on flexible terms, including a significant interest-only period and 23-year repayment profile.
Cameron Ventures Group was founded in 1999 and is owned up by Brian and Kelly Keane. It comprises four Best Western hotels – Brome Grange Hotel, Priory Hotel, Ipswich Hotel and Cedars Hotel (pictured) – but are independently owned and run by the Cameron Ventures Group with its Central Office located in Mildenhall.
The loan was used to refinance a loan from the Group’s existing lender and provide funding for the purchase of an office for their central team.
Brian Keane, CEO of Cameron Ventures Group said: “As a growing hotel group, it was the right time for us to partner with a forward thinking bank and to carry on our growth Journey. We look forward to working with Steve Crosswell and the wider Cynergy Bank team over the coming months to take Cameron further on in its growth.”
Steve Crosswell, Relationship Director, Cynergy Bank commented: “I’ve known Brian for a couple of years and in that time he and Kelly have continued to carefully expand their business, focusing on underperforming hotels with strong growth potential. They’ve proven their model. The pandemic could have been devastating for them, however, they very quickly pivoted the business and have traded through the last 18 months extremely well.”