East Anglian hospitality business Chestnut has announced a successful fundraising round of £7m following strong growth this quarter as lockdown eased.
The ambitious new plans, following the injection of capital from a range of private investors, will support a comprehensive upgrade programme and fuel the acquisition of an additional six assets in the region, which begins this week with the completion of The Maltings Hotel in Weybourne, Norfolk.
Philip Turner, founder of Chestnut added: “Our trading performance post lockdown tells us that investment in the ‘Garden Tipis’ was the right call, and that momentum seems to have carried through as we have continued to invest in people and properties across the portfolio. Our shareholders have been enthusiastic in supporting the next phase in our development, as we look to capitalise on the increasing confidence and opportunities for the Chestnut brand in the region.”
To support with the Group’s ambitious growth plans, Henry Fairbanks joined the team as Chief Operating Officer in November 2020 from the Bermondsey Pub Company.
Following his appointment, Chestnut has re-structured their operating platform with the appointment of Alex Goss as group talent manager, James Daley as group commercial manager and Ben Foxcroft and Steve Smith as operations managers.
Chestnut has also been undertaking a comprehensive refurbishment program set to upscale and support its growth within some of its existing locations.
Refurbishments have recently taken place at:
The Cricketers in Clavering, which was acquired by Chestnut in October 2020, has reopened after refurbishing all 22 bedrooms and shared spaces, including the bar area and restaurant.
At the same time, The Rupert Brooke in Grantchester has also re-opened following a redesign of interiors and a new-look menu, taking inspiration from The Weeping Willow.
The Crown, Stoke by Nayland’s 11 bedrooms, bar and restaurant have been redesigned with a new look.
The Ship in Dunwich will also be unveiling its significant investment in the garden, adding 200 covers supported by the new Field Kitchen and Bar pop up.