Pub management group Inglenook Inns & Taverns has successfully secured a £1.65 million loan through IW Capital.
It will support its acquisition of a portfolio of well-established, “free of tie” pubs, across Lancashire .
The loan, alongside an equity injection from Breal represents the latest funding round for Darwen-based Inglenook Inns & Taverns to grow and consolidate its regional presence.
Since 2013, Inglenook has focussed upon growing its managed services offering working with national and regional ‘majors’, including Punch, Greene King and Robinsons. In parallel, its subsidiary, Ignition Pub Management, continues to serve as a leading management services provider for units that are underperforming or at risk of closure.
Inglenook is committed to using the Ignition business to drive the Free trade and existing managed portfolio as further suitable opportunities are identified.
With 20 managed outlets currently positioned in Inglenook’s existing portfolio, the funding secured through IW Capital comes at a pivotal point for the company. It has enabled Inglenook to implement its long-term expansion strategy through this acquisition of eleven community pubs that already exhibit healthy consumer demand.
It has simultaneously facilitated the company’s diversification into “tied” ownership, where it will look to grow, as suitably attractive assets are identified.
Managing Director of Inglenook Inns & Taverns, James Waddington, said: “IIT Group & BREAL have enjoyed working with IW Capital and have found their approach to be flexible and helpful throughout the deal process. We look forward to future acquisitions with IW Capital.”
CEO of IW Capital, Luke Davis, said: ““As IW Capital celebrates the launch of its new debt offering, I am excited to be supporting a champion of regional business growth,.”