17 September 2021 – Cameron Ventures Group, an operator of a number of hotels in the Suffolk area, has received a £5.875m loan from Cynergy Bank, £5m of which was a CBILS loan while the remainder was lent through the Recovery Lending Scheme.
Whilst the Government guarantee is for six years, recognising the significant disruption COVID-19 has caused to the hospitality sector, Cynergy Bank were able to structure the loan on flexible terms including a significant interest-only period and 23-year repayment profile.
The loan was used to refinance a loan from their existing lender and provide funding for the purchase of an office for their central team.
Cameron Ventures Group was advised by Roger Fenwick at Mantra Consultancy & Capital Ltd and Zoe Johnston of Taylor Vinters.
Cynergy Bank was advised by Richard Greenwood of Colliers and Georgia Doyle, Beth Finnie and Jim Garton of Hill Dickinson.
Brian Keane, CEO of Cameron Ventures Group said: “As a growing hotel group, it was the right time
for us to partner with a forward thinking bank and to carry on our growth Journey. We look forward to working with Steve Crosswell and the wider Cynergy Bank team over the coming months to take Cameron further on in its growth.”
Steve Crosswell, Relationship Director, Cynergy Bank commented: “I’ve known Brian for a couple of years and in that time he and Kelly have continued to carefully expand their business, focusing on
underperforming hotels with strong growth potential. They’ve proven their model. The pandemic could have been devastating for them, however, they very quickly pivoted the business and have traded through the last 18 months extremely well.”
Cynergy Bank reached a significant milestone earlier in 2021, lending over £200m to SMEs through the British Business Bank’s Coronavirus Business Interruption Loan Scheme (CBILS).
The bank was able to assist both existing and new customers, with 57% of loans going to existing customers and 43% to new customers.