Oakman Inns refinances debt with Cynergy Bank

Oakman Inns & Restaurants has partially refinanced its secured debt on The White Hart in Ampthill, Bedfordshire and The Royal Foresters in Ascot, Berkshire through an £11m loan from Cynergy Bank.

Cynergy Bank provided £3.172m for The White Hart and £7.809m for The Royal Foresters, and the new deals will significantly reduce interest charges.

The loans were provided with an initial 12-month interest-only period followed by repayments modelled over a 24-year term.

The refinancing is part of Oakman’s corporate and investment strategy for 2019-20,

Peter Borg-Neal, CEO and founder of Oakman Inns, said: “We have several planned developments in 2020 which will continue to grow Oakman Inns. With increased revenue last year of 37% and group EBITDA increasing by 50%, we are becoming an ever-bigger player in the market, but we have to remain financially shrewd while maintaining the corporate ethos that has seen so many communities embrace our environmental and sustainable principles.”

Steven Kenee, chief investment officer at Oakman, added: “I am delighted to announce the completion of the refinance with Cynergy Bank. The deal has significantly reduced our cost of capital.”