A group that runs hotels, wedding venues, pubs and restaurants has secured a £25m boost.
OakNorth has provided the loan to Lancashire-headquartered Bowland Inns & Hotels. The money will be used to refinance its portfolio and complete both the acquisition and refurbishment of Wennington Hall near Lancaster, and expand the bedrooms of the Waddington Arms, near Clitheroe.
The group was founded in 1996 by James Warburton and includes two sub-brands, James' Places and Dream Venues Collection. It now operates 11 separate venues across the Ribble Valley, Lune Valley, Yorkshire Dales and the South Lakes.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
READ MORE: Beth Tweddle sells gymnastics business to PureGym founder's Gymfinity Kids
The deal comes after the group secured a £26m finance package from Barclays in May 2022. According to its most recently published accounts, the group turned over £10.3m in the 12 months to the end of May 2022 while it made a pre-tax profit of £363,019.
Mr Warburton said: "Since starting the business way back in 1996 I have always had an eye on growth, always looking out for the next opportunity, the next building to get hugely excited about. As the business has grown, 'I' became a 'we', and the appetite for growth has got stronger and stronger.
"Finding the right funding partner for each stage of our growth has been one of the biggest challenges we have had to face. Finding a funding partner that wants to go on the journey with you, that’s more than key, that's vital.
Most Read
"We have been talking to OakNorth for a number of years, we found them interesting, different, and genuinely unlike any of the other lenders we have previously spoken to. We found them to be flexible and fully transparent and their unique knowledge and experience of the region's hotel and wedding venue market was a key factor in getting the transaction over the line so quickly."
Stewart Haworth, director of debt finance at OakNorth, added: "It is testament to James' leadership that Bowland Inns & Hotels has been able to build such a positive reputation for offering luxury hotels and wedding venues across large areas of the North West.
"At OakNorth, we thrive on supporting businesses such as James' and given the nature of wedding income remains robust throughout the region, we expect these new sites to be an enormous success. We are excited to now be part of the Bowland Inns & Hotels growth story and look forward to supporting them on future growth projects."