Pub group acquires duo of properties after securing commercial mortgage
The purchase of two properties by Barons Pub Company will see it create 40 new full and part time jobs in Woking.
After securing a £2.8m commercial mortgage from HSBC, the double acquisition of The Jovial Sailor in Ripley and The Inn at West End – the latter being its first venture into overnight accommodation – sees the company’s portfolio of venues grow from seven to nine. The new job roles will be created in addition to the existing 24 members of staff.
Part of the funding has been used to renovate both pubs, including new furnishings and lighting for restaurants areas and higher quality catering equipment for the kitchens.
Clive Price, managing director of Barons Pub Company, said: “Thanks to the support from our HSBC UK Relationship Manager we’ve been able to bolster our offer and begin our venture into providing overnight accommodation for our customers. We look forward to welcoming our new guests in both locations and getting to know the locals.”
Andrew Steer, HSBC UK’s area director for business banking in Surrey and Sussex, said: “We are committed to supporting British businesses, helping them to realise their ambitions. Since its inception in 2000, Barons has steadily developed its portfolio of British pubs and we were happy to assist the business this time around as they looked to scale up further.
“We look forward to continuing our partnership with the business and wish them the best for the future.”
The seven-figure funding package from HSBC UK was allocated from the bank’s £650m SME Fund which supports SMEs across Surrey and Berkshire.
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