The Inn Collection Group is continuing to make waves with the acquisition of waterfront Lake District venue The Wateredge Inn at Ambleside.
The undisclosed deal for the 38-bedroom site was finalised on Wednesday, with The Wateredge Inn becoming the group’s third venue in the destination Lakes town of Ambleside.
The hotel was sold on behalf of the Cowap Family, who had owned and run the business, which comes with direct Lake access and a private jetty, since the early 1980s.
The Inn Collection’s acquisition broadens the group’s customer base in Cumbria further ahead of the predicted post-lockdown UK staycation surge, taking the northern pubco’s Lake District estate to seven.
Managing director Sean Donkin said: “The Wateredge Inn is a magnificent addition to our portfolio. We are excited to have brought this extraordinary venue into our collection as our group continues to earn its stripes for its outstanding pubs with rooms in the very best locations across the north of England.
“Our priority is identifying and sourcing remarkable venues with their own USPs. With its lakeside setting and close proximity to Ambleside, The Wateredge Inn is matchless and will be a stunning new addition to our eat, drink, sleep and explore collection.”
The acquisition of The Wateredge Inn was supported by strong working partnerships with Colliers International who acted on behalf of the vendors and coordinated sale negotiations leading to successful completion.
The Wateredge Inn acquisition is the Alchemy-backed group’s first purchase of 2021 as it continues to expand with strategic ‘buy and build’ freehold growth plans, supported with banking from OakNorth.
The Inn Collection Group’s Cumbrian portfolio includes Ambleside sites The Ambleside Inn and The Temperance Inn (formerly Churchills Inn) as well as The Angel Inn at Bowness on Windermere; The Coniston Inn at Coniston; The Swan at Grasmere and The Pheasant at Bassenthwaite.
Elsewhere its roster lists venues in Northumberland, County Durham, Yorkshire and Lancashire while a 40-bedroom, new-build site on Sunderland’s seafront at Seaburn is set to open in June.