North East hospitality firm the Inn Collection Group is continuing its ‘buy and build’ growth plans with the acquisition of a Lake District property.
The Newcastle based company has snapped up the 15-bedroom The Pheasant Inn at Bassenthwaite Lake, Cumbria, as part of its strategy to increase its portfolio beyond the North East.
The business, which was acquired by Alchemy Group in 2018, last year revealed plans to more than double its portfolio of pub and hotel sites to 21 inns by 2022, after investors OakNorth provided the group with an additional £10m funding package to support growth.
The addition of The Pheasant brings the group’s portfolio tally of inns to 12 in Northumberland, County Durham, Yorkshire, and Cumbria.
The Pheasant will continue trading before full-scale redevelopments and enhancements get under way, to bring the historic 17th century coaching inn into the group’s eat, drink, sleep and explore brand.
Managing director Sean Donkin said: “We are delighted to be starting 2020 with the announcement of this landmark addition to our growing portfolio.
“We search long and hard for sites that have that extra special quality when it comes to location and offering for our customer base. The Pheasant delivers on every level in terms of address, character and potential.
“We specialise in repurposing and enhancing historic buildings which are desperately in need of capital expenditure like this. We will be investing significant capital expenditure into this extraordinary venue as we broaden our customer base and long-term presence across the North of England.”
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The Pheasant is said to have been a haunt of famed huntsman John Peel – immortalised in the 19th century folk song D’ye ken John Peel.
News of the latest acquisition follows the recent opening of the group’s debut Lakes venue, the 30-room The Ambleside Inn, based in the centre Ambleside.
Last month the firm also announced that construction of the new-build 40-room The Seaburn Inn on Sunderland seafront will begin this month.
Metnor Construction has been appointed as main contractor of the pub with rooms on land at Seaburn, next to the STACK Seaburn development which is expected to open in spring.
Meanwhile, The Inn Collection Group is continuing its expansion trail to seek out new development opportunities to grow its portfolio in the Lake District and Yorkshire, as well as within its North East England heartland, supported through banking by OakNorth.
The Inn Collection Group was advised by Newcastle-based law firm Ward Hadaway on the transaction, with Jones Lang LaSalle on pre-acquisition diligence.