Cynergy Bank has provided almost £18m of new funding to existing client, Oakman Group Plc, taking its total funding to almost £29m.
Cynergy Bank has supported the hospitality sector throughout the pandemic and the new loan was provided with an initial 12-month interest only, followed by a 24-year repayment period.
The loan was used to re-finance existing borrowings with Cynergy Bank and another lender which resulted in significant cost savings to the Oakman Group Plc.
The Oakman Group, whose Head Office is in Tring, is a premium pub business launched in 2007 and currently has 36 sites located across the home counties and north-west England.
Steven Kenee, Chief Investment Officer, Oakman Group Plc, commented; “I am delighted that we have been able to complete the refinance with Cynergy Bank. Cynergy Bank, and Steve Crosswell in particular, have proven to be a pragmatic and responsive partner over the past two years and I am grateful for the faith and support they have shown the business. The transaction significantly reduces our cost of capital, simplifies our corporate structure, and further strengthens the foundations from which our ambitious plans for the group will grow.”
Steve Crosswell, Relationship Director, commented; “This is a landmark deal for Cynergy Bank and one we were keen to transact with the Oakman Group Plc, who we believe to be an outstanding operator. We’re pleased to further deepen our relationship with them and to significantly reduce their cost of funds and simplify the structure.”