European rugby champions Exeter Chiefs have raised £10.5million from a bond scheme designed to support the business as it extends its ground and builds a four-star hotel.
The club, which opened the scheme in late 2020, asked investors for at least £1,000 each so it could upgrade facilities at its Sandy Park home and keep the club at the pinnacle of the sport.
The Exeter Chiefs 2027 Bond cash will now be used to enhance “all facets of the business over the coming years”. Included in plans for Sandy Park are an extension of the East Terrace, to help raise match-day capacity, and the completion of the , a four-star Marriott Courtyard hotel on which construction began in early 2020.
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The was launched following a similar scheme in 2013. The Exeter Chiefs 2020 Bond raised nearly £6million to develop the stadium, paying 7% a year interest and maturing in 2020.
The new bond issue has been even more successful and Exeter Rugby Club chairman and chief executive Tony Rowe said he was delighted at the results.
“To see the figures raised with the launch of this latest bond scheme is hugely encouraging,” said Mr Rowe. “To raise over £10million in the current climate, demonstrated the confidence people having in our business and its success moving forward.”
Under the stewardship of Mr Rowe, Exeter Rugby Club had, until the outbreak of Covid-19 around the world, become the Gallagher Premiership’s only profitable club.
Exeter Rugby Group Plc incorporates the Exeter Chiefs Premiership Rugby team, Sandy Park Conferencing Centre and the Sandy Park Hotel.
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Over recent years, Exeter Chiefs have become one of the leading rugby teams, both in the 海角视频 and Europe. Sandy Park Conferencing Centre, meanwhile, has established itself as one of the leading conference, banqueting and events facilities in the South West region, while Sandy Park Hotel is due to open in early 2022.
Once built, the eight-storey, L-shaped hotel will feature leisure facilities on the ground floor and will be operated by the Marriott Courtyard brand.
In addition to housing 250 bedrooms, the hotel, situated off Old Rydon Lane, will have a rooftop cocktail bar and restaurant that boasts views along the River Exe Estuary.
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There will also be a glazed bridge link to Sandy Park, as well as an extensive reception area, open-plan bar, coffee bar and lounge.
Mr Rowe has remained in charge at Exeter Chiefs despite standing down as chief executive and chairman of the club’s main sponsor swcomms.
He retired from the company he founded when it was bought by a Brighton-based tech firm to create a £100millon business in February 2021.
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Focus Group’s acquisition of swcomms, set up by Mr Rowe in 1983, will not see it change its name and the “majority” of the existing management team and employees continue to work for the business.
Focus Group, also a business communications and tech firm, is said to have made a “considerable investment” in snapping up swcomms. The combined outfit will be a £100million turnover enterprise.
Helping to guide Exeter Rugby Club through the its bond fundraising have been corporate finance experts Isca Ventures LLP, which has offices in Exeter and Bristol, with legal support provided by Michelmores LLP.