Coaching Inn Group, the BGF-backed operator, has secured a new £16.5m debt facility to fund further growth.

The funding has already gone towards the acquisition of 15th site, the Swan Hotel in Stafford as well as the completion of the payment of the deferred consideration in respect of the Feathers Hotel in Ledbury.

As first reported by MCA in July, the group saw turnover grow 17% in the year to 31 March, to £20m.

Reporting on the company’s most recent financial year, founder and chief executive Kevin Charity said group EBITDA rose 39% to £2.1m.

He said each of the key revenue streams had grown significantly during the year, with liquor up 17%; food sales growing 19.2% and room letting up 17.7% with occupancy now at 77% across the 431 rooms.

The group has seen a 25% increase ins site level EBITDAR despite the impact of closure periods and re-opening costs within the year.

He said there was a strong pipeline of acquisitions going into the new financial year.

He added: “Coaching Inns has had an excellent year with its strategy of developing the Group progressing well and our investments delivering returns. We have plenty to do to maximise the potential in the existing estate and we will continue to seek to acquire further coaching inns that fit our criteria. The pipeline is strong, the company is financially strong and we are in a great place to continue to grow the Group further in our new financial year. The current year has begun strongly benefitting from staycations, weather and to some extent from the football too. We are well set to make profitable progress in the year to come.”