Geoff Hodgson has stepped down from his role as chairman of the Inn Collection Group following the sale of the company to a newco backed by Alchemy Partners, MCA understands.
The company confirmed his departure and said no decison had yet been made on a replacement as chair. The group also confirmed that co-founder Keith Liddell was remaining as executive deputy chairman.
Last week it was confirmed that a newco backed by the former Revolution bars backed, Alchemy Partners, had acquired the group from King’s Park Capital, in a deal thought to value the company at c£20m.
This week the group said it had received funding from OakNorth to open its eight site but would not confirm the extent of the financial package.
As well as opening the 30-bedroom inn in Amble, Northumberland later this year, the business has added another 13 rooms to The Bamburgh Castle Inn, The Annex, and has refurbished the Seaton Lane Inn. The group’s growth map also includes the addition of 29 new rooms at its Durham city centre operation, The Kingslodge Inn.
Managing director Sean Donkin, said: “Over the last half decade, we’ve embarked on a ‘buy and build’ growth strategy that has seen us become one of the largest private providers of accommodation in North East England. Over the next three years, we will continue to develop and seek out new premises, focusing on sites that fit with our philosophy and the continual evolution of our group, offering high-quality accommodation at value for money prices. Raising funds from OakNorth will pave the way for us to drive these growth plans and focus on the immediate expansion of our pubs with rooms model.”
Stuart Blair, debt finance director at OakNorth, said: “The UK’s hotel industry has seen annual growth of three percent for the last five years, boosted by major events such as the London Olympics, the Royal Wedding, and the Rugby World Cup. The Great Exhibition of the North which is currently underway is expected to give the region’s tourism a further boost, attracting approx. three million people and one million from across the UK.
“The management team at The Inn Collection Group is in a prime position to take advantage of this – we were impressed by their business model, the operational experience of Sean, Keith Liddell and the wider team, as well as the quality of each site. The team have a plan to grow the group by expanding into new sites and locations, and we look forward to working with them to support this.”