Coaching Inn Group snaps up Cambridgeshire business following £22m finance deal
The Coaching Inn Group has acquired the 22-bedroom Bell Inn hotel in Stilton, Cambridgeshire, following a £22m refinancing of the business with NatWest bank.
Dating back to 1500, the Bell Inn, which features the Galleried restaurant, the Bistro and the Village bar, was bought off a guide price of £2.5m and will now undergo an initial investment of £250,000 to refurbish all the bedrooms. It was previously owned by Liam and Gilly McGivern, who restored the hotel after it had been closed for a number of years.
Kevin Charity, chief executive of the Coaching Inn Group, said: "The Bell is a fantastic addition to our business and is one of the best examples of a coaching inn in Britain. It is well known for its very high quality food and beverage product and we look forward to working with the team over the next few months to further develop its bedroom and function business which we see as key areas of opportunity."
A few days prior to the acquisition, the Coaching Inn Group secured a new £22m bank arrangement, which with the continued support of equity partner BGF, helped to finance the Bell Inn deal. Future acquisitions are now on the horizon as the 16-strong group, which comprises 453 bedrooms, aims to reach a target of 500 bedrooms.
The business is also expected to expand through the roll out of a new coffee shop brand called Coffee House, which it introduced into the Feathers hotel in Ledbury, Herefordshire, in the summer.
