Stay Original, which owns and operates five boutique pubs with rooms in the South West, has secured capital to fund its expansion plans after refinancing its loans with Cynergy Bank.
The group, which acquired its first property in Wedmore in 2011, locked in a total of £8.7m to refinance loans from existing lenders and provide funding to support investment into the company’s growth plans.
This included £4.7m CBILs financing, and £4m from the Recovery Loan Scheme.
Cynergy Bank was able to structure the loan on flexible terms including a significant interest-only period and 23-year repayment profile.
The Stay Original Company comprises The Swan in Wedmore and The White Hart in Somerton – both in Somerset – Timbrell’s Yard in Bradford on Avon, Wiltshire, and The Grosvenor Arms in Shaftesbury, as well as The Kings Arms in Dorchester.
The company was started by three friends in 2011 when Rob Greacen, Pat Gill and James Brooke-Webb bought The Swan in Wedmore and renovated it before reopening to the public.
Stay Original was advised by Julian Mant, Richard Houliston and Tom Marshall at TLT.
James Brooke-Webb, director, Stay Original Company Ltd commented: “Working with Steve and the team at Cynergy Bank has been refreshingly straightforward. As a team, they know and understand hospitality and are an excellent partner for an ambitious group like us. Covid has transformed the landscape, creating many new opportunities for a business like ours to expand, and new lenders like Cynergy Bank will become increasingly influential.”
Steve Crosswell, relationship director, Cynergy Bank commented: “Cynergy Bank is delighted to have concluded this transaction with Rob and James of Stay Original. Their group of coaching inns is of a high, premium quality and located in affluent areas. Exactly the kind of assets that are meeting high volumes of consumer demand. We very much look forward to working with them as they add to this high-quality portfolio.”