Peach, the Midlands based pub operator, has secured a £9.5m refinancing from Natwest as it seeks to grow from 17 to 22 sites.
The group, which reported growth in its financial year to date of 6% above the market, is seeking to grow into a £35m a year business.
Joe Garthwaite, Peach finance director, said: “We are rolling along very nicely so far this year, with strong like for likes and 14 out of our 17 pubs in like for like growth. We continue to over-trade on key events, like Bank Holidays, and are confident performance will stay that way over the summer - the immediate future’s looking peachy.
“We’ve been working hard behind the scenes for a while now to build long-term growth and particularly to secure the extra finance we need to take us to the next stage.
“We’re pleased to say that we’ve got it from the experienced team at NatWest who worked very hard to understand our company so they could tailor their support to suit our business and its needs really well. We are very selective about the pubs we add to the Peach family as it grows and the revolving credit facility from NatWest means we can move quickly when our dream pubs become available.”
The first new venture the funding is supporting is a boutique hotel next door to The High Field, The High Field Town House, which opens in early June.
Nick Randle, relationship director, corporate & commercial at NatWest, said: “We are delighted to be able to support this successful local pub company with their ambitions and look forward to being part of their exciting growth.”
