Berkeley Inns, a fast-expanding pub restaurant group based in Derbyshire & Staffordshire, were provided a loan amount of £3.22m of new funding through the British Business Bank’s Recovery Loan Scheme. This loan enabled the business to re-finance existing high-cost external loans and acquire the freeholds of three of the pubs it operates.
Berkeley Inns consists of five country pubs in rural Derbyshire namely, The Horseshoes, The Cock Inn, The Cow, The Bluebell and The Meynell Ingram Arms.
Cynergy Bank has structured the loan with an initial 12-month interest-only period and thereafter repayments over a 24-year period.
Howard Thacker, Managing Director, Berkeley Inns Ltd said, “It’s been an absolute delight to work with Steve Crosswell and the team at Cynergy Bank. A refreshing, modern, and forward-thinking approach differentiates Cynergy Bank from the traditional high street banks. Our deal with Cynergy Bank has substantially improved our balance sheet, enhanced our cash flow, and consolidated our debt position. We look forward to a long term, mutually beneficial relationship.”
Steve Crosswell, Relationship Director, Cynergy Bank added, “It was a pleasure to arrange this deal with Howard, Ashley and the team at Berkeley Inns Ltd. It’s a transformational deal for the business as we were able to facilitate the repayment of high cost external loans and enable them to acquire the freeholds of three pubs they operate. They now have the base from which to grow their wonderful estate of pubs, something we are keen to support.”