The Inn Collection Group is to roll out an expansion programme over the next two years, after securing a finance deal with OakNorth.
The independent portfolio, which currently has seven sites across the North East, will use the funding package to open an eighth site, The Amble Inn in Northumberland, and increase the size of three of the group’s existing inns.
Established in 2006, The Inn Collection Group has grown to encompass 215 bedrooms across its inns, which perform well in both the business and leisure segments, with plans to increase this number to 300 by 2020.
OakNorth, dubbed as ‘the bank for entrepreneurs, by entrepreneurs’, will support this ambition.
In addition to opening an eighth inn later this year, a 30-bedroom inn in Amble, Northumberland, The Inn Collection Group has added another 13 rooms to The Bamburgh Castle Inn, The Annex, and has refurbished the Seaton Lane Inn that has recently reopened.
The group’s growth plan also includes the addition of 29 new rooms at its Durham city centre operation, The Kingslodge Inn.
The Inn Collection Group’s managing director Sean Donkin, said: “Over the last half decade, we’ve embarked on a buy and build growth strategy that has seen us become one of the largest private providers of accommodation in North East England. Over the next three years, we will continue to develop and seek out new premises, focusing on sites that fit with our philosophy and the continual evolution of our group, offering high-quality accommodation at value for money prices. Raising funds from OakNorth will pave the way for us to drive these growth plans and focus on the immediate expansion of our pubs with rooms model.”