OakNorth has completed a debt finance facility worth £53m for Longshot Country Inns, the restaurant and rooms group.
The challenger bank's facility will allow Longshot Country Inns to increase the number of bedrooms across its portfolio from 47 to 61.
The group has seven sites across Berkshire, Surrey and Hampshire all of which are branded under the name Bel & the Dragon.
Longshot County Inns purchased the four original Bel & the Dragon sites in 2010 and between 2014 and 2016, acquired and refurbished three additional country inns.
Joel Cadbury, CEO and co-founder of Longshot, said it was delighted to have secured the loan which will allow it to accommodate more visitors.
“We have obviously dealt with quite a few banks in the past and can safely say that this experience was like no other – the team at OakNorth was incredibly entrepreneurial, willing to think outside of the box and burn the midnight oil to get the deal done.”
Deepesh Thakrar, debt finance director at OakNorth, added: “Joel Cadbury and Ollie Vigors [co-founder and managing director of Longshot] are born entrepreneurs with an exciting and diverse track record of starting, scaling and exiting numerous successful and unique businesses.
“Along with Hector Ross, COO of Longshot Country Inns, they have built an incredibly strong portfolio and we look forward to working with the team on more deals in the future.”
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...