Prospect Pubs & Bars to open new pub this year with financial support from Cynergy Bank
6 July 2021 – Prospect Pubs & Bars, an operator of four pubs in the Home Counties, with a fifth due to open later in 2021, has a new injection of finance thanks to Cynergy Bank.
Cynergy Bank provided Prospect Pubs & Bars with a £1.60m CBILS loan in November 2020 followed by another loan of £187,500 in June 2021 which will help them to open a further three pubs and create approximately fifty new jobs.
Prospect Pubs was launched in 2019 by Dan Shotton and Mark Draper, the former Redcomb Pub owners, following the acquisition of their first site, The Evenlode in Eynsham. The company also currently run The Victoria in Woodham, The Royal Oak in Marlow and The Blue Ball in Walton on the Hill.
The pub company closed their venues temporarily from March to July and November 2020 and January to April 2021 due to the pandemic. Cynergy Bank were able to offer flexible terms including a significant interest only period to reflect the trading challenges caused by COVID-19.
The bank was advised by Trevor Watson of Davis Coffer Lyons and Charlotte Round, Adam Hattersley and the team at Fieldfisher.
Dan Shotton, Director, Prospect Pubs & Bars Ltd commented: “Steve, Harry and the team at Cynergy Bank have a real understanding of our sector and have been hugely supportive of Mark and I and our new venture, Prospect Pubs Ltd, since we sold our last business, Redcomb Pubs Ltd in 2019.
“We look forward to working with them as we quickly develop and grow the business, it is a pleasure working with them.”
Steve Crosswell, Relationship Director at Cynergy Bank commented: “Cynergy Bank are delighted to have been able to support Dan and Mark with a re-finance plus additional funding to help them quickly grow to five sites.
“They are a proven management team having successfully exited Redcomb Pubs in 2019 and I’ve known the team for some time so it was great to formalise the relationship with them and be part of their new journey in growing Prospect Pubs.”
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.