The Coaching Inn Group, which is part owned by Tadcaster-based property and investment company Commer Group, has secured a further £10 million investment from BGF (Business Growth Fund) to support a planned £50 million expansion across the UK.
The business, which this weekend was named one of The Sunday Times Virgin Fast Track 100 ‘Ones To Watch’, currently operates 12 coaching inns and will use the capital to increase the size of its portfolio to 25 properties by March 2019.
The £10 million injection follows an initial investment of £4.5 million from BGF in March 2015, which helped the Group to purchase and operate an additional six properties, including three landmark Yorkshire inns in Helmsley, Richmond and Thirsk.
The Group, which this weekend was named one of ten UK companies to watch, based on past and forecast sales growth, expansion and external investment, in The Sunday Times Virgin Fast Track 100, has doubled its EBITDA in the first six months of this year and reported a 33 per cent increase in sales.
With three acquisitions already in the pipeline and due for completion by early next year or before, the Group is in a strong position to achieve its goal of 25 properties within the next two years.
The Coaching Inn Group founder and CEO, Kevin Charity, said: “Having set a target of doubling the estate in five years, we’ve almost hit that target in less than two years. This latest investment from BGF is testament to the strength of our business model and we’ve now set even more ambitious growth targets. The investment from BGF means that we are on track to achieve our growth plan without financial distractions or cash flow restrictions.
“We now have a tried and tested formula and ultimately our goal is to acquire the right properties in the best locations, and sensitively restore them in line with the character of their local surroundings.”
The Coaching Inn Group has 12 historic venues across the UK and has built a strong reputation in the industry for transforming high quality coaching inns through the introduction of its premium casual dining brand, the Eatery & Coffee House.
Mark Freer, BGF, said: “The Coaching Inn Group continues to go from strength to strength. Kevin and his management team have ambitious plans for the business. That is something we are keen to support and we are delighted that the additional funding we have provided today will help accelerate the growth of the business even further.”
The investment was led for BGF by Mark Freer and James Syrotiuk.