Hotel group continues to expand
The Inn Collection Group has secured finance to fund its expansion into Amble.
OakNorth, the bank for entrepreneurs, by entrepreneurs, has backed the group in its bid to open an eighth site – The Amble Inn – and increase the size of three existing inns.
As well as opening the 30-bedroom inn, the business has added another 13 rooms to The Bamburgh Castle Inn, The Annex, in Seahouses and has refurbished the Seaton Lane Inn.
The group’s growth map also includes the addition of 29 new rooms at its popular Durham city centre operation, The Kingslodge Inn.
Managing director Sean Donkin said: “Over the last half-decade, we’ve embarked on a buy and build growth strategy that has seen us become one of the largest private providers of accommodation in the North East.”
He added: “Over the next three years, we will continue to develop and seek out new premises, focusing on sites that fit with our philosophy and the continual evolution of our group, offering high-quality accommodation at value for money prices.
“Raising funds from OakNorth will pave the way for us to drive these growth plans and focus on the immediate expansion of our pubs-with-rooms model.”
Stuart Blair, debt finance director at OakNorth, said: “The UK’s hotel industry has seen annual growth of three percent for the last five years, boosted by major events such as the London Olympics, the Royal Wedding and the Rugby World Cup.
“The Great Exhibition of the North, which is currently under way, is expected to give the region’s tourism a further boost, attracting approximately three million people and one million from across the UK.
“The management team at The Inn Collection Group is in a prime position to take advantage of this – we were impressed by their business model, the operational experience of Sean, Keith Liddell and the wider team, as well as the quality of each site.
“The team has a plan to grow the group by expanding into new sites and locations, and we look forward to working with them to support this.”