Three north Northumberland inns have been taken on by a new company as part of a £6.5million deal.
Inn Collection Topco Limited, a new business backed by Kings Park Capital and Santander Corporate and Commercial, has secured the multi-million-pound financing package to purchase a collection of four North East leisure businesses.
Three of these are in north Northumberland – The Hog’s Head Inn in Alnwick, The Bamburgh Castle Inn in Seahouses and The Lindisfarne Inn at Beal, but the day-to-day operations and management of the venues is not expected to be affected.
The fourth purchased is a hotel and restaurant, The King’s Head in Newton under Roseberry, Cleveland.
The deal will allow the operational management team, led by North East businessman Keith Liddell, to embark upon a buy-and-build growth strategy over the next few years.
Mr Liddell, Inn Collection Topco Limited director, said: “This is an exciting time for our company which, drawing on the continued strong success and management of our existing units, has been bolstered by this venture capitalist investment which will pave the way for further expansion with the first acquisition of The King’s Head in the North Yorkshire National Park with further opportunities for growth pending.”
The team has been bolstered by the appointment to the board of Paul Clark, the former CEO of Virgin Hotels.
Jamie Tillman, of Kings Park Capital, said: “We are delighted to be partnering with Keith and Paul, in bringing together a collection of pubs, which, with more than 100 rooms, will be one of the largest providers of beds in the North East.
“With a supportive banking partner in Santander, we’ll be looking to acquire further units that fit the Inn Collection model.”