OakNorth invests £800k in Northampton-based bar and restaurant group

Entrepreneur bank OakNorth has ploughed £800k into leisure operator Old Northampton Group.

The six-figure boost is one of three loans the bar and restaurant group has taken out with the bank, which has offices in Manchester and London, since September last year.

The first two were for a combined £1.2m and allowed Old Northampton to acquire property for its fourth business, The Lighthouse.

In addition to The Lighthouse, the firm also operates Sazerac Bar, Old House and the Department of Meat and Social Affairs, all in Northampton.

The company plans to use the £800k from OakNorth to acquire the freehold on its Sazerac cocktail bar, which is currently on a 20-year lease. To date, Old Northampton Group has invested £9m in its portfolio.

Nikki Kooner, the group’s finance director, said: “We’re very excited to be acquiring the freehold on Sazerac.

“As the first site we opened in Northampton, the bar holds sentimental value to us, and since opening in 2009, has become one of the town’s go-to destinations.”

She continued: “Purchasing the freehold provides us with the security and peace of mind that we can continue to provide the town with a quirky and sophisticated cocktail venue for years to come.

“We were given the option to acquire the freehold and agreed on the price a year ago. However, in order to ensure we could go ahead, we needed to move quickly so appreciated the speed, efficiency, and responsiveness of the OakNorth team.”

The co-founder and chief exec of OakNorth Bank, Rishi Khosla, commented: “We’re delighted to have worked with Old Northampton Group on this deal.

“Northamptonshire has been designated as an area for major growth over the next decade - it’s clear from the Group’s ongoing success in Northampton that it knows exactly how to tap into the town’s young and vibrant population to the benefit of both residents and tourists.”

OakNorth offers business loans, property investment loans and property development finance of between £1m and £20m.