Oakman Inns & Restaurants refinance with Cynergy Bank
Oakman Inns & Restaurants Limited, which owns and runs 24 pubs, restaurants and hotels in the South-East and Midlands, has refinanced the debt on two of its properties. These are: The White Hart in Ampthill, Bedfordshire; and The Royal Forester in Ascot, Berkshire.
The White Hart is a historic Grade II listed building, which features a wall mural above the bar’s fireplace of the Prince of Wales feathers, created by local artists in 1646. The pub also has a 1930s dining room which was built toward the end of the arts and craft era.
The Royal Foresters has been a meeting place in the centre of Ascot for over 140 years. The historic building has been refurbished, remade and redesigned since joining the Oakman Inns group. It now has 24 guest rooms, each with bespoke, contemporary interiors.
Cynergy Bank provided circa £11m in newly negotiated loans for the two properties (£3.172m for The White Hart and £7.809m for The Royal Foresters). Both loans were previously being charged at a higher interest rate and the new deals will significantly reduce interest charges. The loans were provided with an initial 12-month interest only period followed by repayments modelled over a 24 year term.
Steven Kenee, chief investment officer of Oakman Inns & Restaurants commented: “I am delighted to announce the completion of the refinance with Cynergy Bank. 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.”
Ravi Sidhoo, managing director, Cynergy Bank private & business banking commented: “Cynergy Bank is delighted to have concluded this transaction with Oakman Inns. We pride ourselves on working with our clients to understand their business needs and aspirations. With our local, skilled relationship managers, we quickly learn our client’s needs, we understand the market and, unlike mainstream lenders, can deliver certainty at speed.”
Cynergy Bank’s sector head Mark Dearman, director healthcare & leisure commented: “Oakman Inns are a leading independent pub company, operating to the highest standards and we are pleased to have developed a relationship with Steven, Peter and team to become the group’s largest banking lender. We look forward to developing the relationship further in the months and years to come.”
