The Coaching Inn Group secures £10m to aid expansion
The company, which operates 12 coaching inns in England and Wales, will use the capital to help it grow its portfolio to 25 by March 2019.
The Coaching Inn Group founder and CEO, Kevin Charity said: "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."
Charity said with three acquisitions already in the pipeline and due for completion by early next year or before, the business was in a strong position to reach 25 sites in the next two years.
“Having set a target of doubling the estate in five years, we’ve almost hit that target in less than two years.
“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.”
Mark Freer, BGF 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 £10 million injection follows an initial investment of £4.5 million from BGF in March 2015, which helped The Coaching Inn Group to buy six properties.
