Oakman Inns refinances debt to reduce interest payments and support growth

17 January 2020 by
The Royal Foresters outside

Oakman Inns has partially refinanced the secured debt on two of its pubs with an £11m loan that will reduce interest payments and support future growth.

In a deal with Cynergy Bank the pub group took £3.2m against the Grade II listed White Hart in Ampthill, Bedfordshire, which underwent a major £1.3m refurbishment in 2015.

Against the Royal Foresters in Ascot, Berkshire, it secured a £7.8m loan. It had previously spent three years and £10m refurbishing the pub, which has 24 guest rooms.

The first year of the loan is interest-only with repayments required over the following 24-years.

Steven Kenee, chief investment officer at Oakman Inns & Restaurants said "The deal has significantly reduced our cost of capital. Our relationship director, Steve Crosswell, and all the team at Cynergy proved to be a sensible, pragmatic and straightforward partner to deal with throughout the process.

We are very much looking forward to the next phase of our growth, something that will be much easier with the new financing package in place."

Oakman Inns and Restaurants is an independent pub group which owns and runs 24 pubs, restaurants and hotels in the South-East and Midlands.

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking