The Boston-based Coaching Inn Group has just secured a £10 million investment to support its ambitious growth plans.
The group, which has its headquarters in Quaker Lane, Boston, has been awarded the multi-million funding by the Business Growth Fund (BGF) to support a planned £50 million expansion across the UK.
The Coaching Inn Group which currently operates 12 coaching inns, including the White Hart, in High Street, Boston, says it will use the investment to more than double the size of its portfolio to 25 properties by March 2019.
It follows an initial investment of £4.5 million by BGF in March 2015, which helped the group buy an additional six properties.
Group founder and chief executive, Kevin Charity, said: “Having set a target of doubling the estate in five years, we’ve almost hit that target in less than two years.
“This latest investment from BGF is testament to the strength of our business model and we’ve now set even more ambitious growth targets.
“The investment from BGF means that we are on track to achieve our growth plan without financial distractions or cash flow restrictions.
He added: “We now have a tried and tested formula and ultimately our goal is to acquire the right properties in the best locations, and sensitively restore them in line with the character of their local surroundings.”
The Coaching Inn Group has 12 historic venues across the UK and has a reputation for transforming high quality coaching inns through the introduction of its premium casual dining brand, the Eatery & Coffee House.
With three acquisitions in the pipeline and due for completion by early next year or before, the group says it is in a strong position to achieve its goal of 25 properties within the next two years.
Mark Freer, of the Business Growth Fund, said: “The Coaching Inn Group continues to go from strength to strength.
“Kevin and his management team have ambitious plans for the business.
“That is something we are keen to support and we are delighted that the additional funding we have provided today will help accelerate the growth of the business even further.”
The investment was led for the BGF by Mark Freer and James Syrotiuk.
The advisers to the transaction for The Coaching Inn Group were Irwin Mitchell (legal advice) and for BGF were Browne Jacobson (legal advice) and Keith Fleming (financial due diligence).