Tue, 08 Feb 2022 | BUSINESS SALE
Pub investment vehicle RedCat Pub Company has continued its acquisitive activity with a deal to take over the Crown Hotel in Boroughbridge, North Yorkshire. The acquisition brings RedCat’s portfolio to around 100 sites.
Despite only being launched in February 2021, RedCat has acted swiftly to capitalise on the boom in pubs and pub portfolios coming up for sale as a result of the impact of COVID-19 on the hospitality sector.
Since its launch, the group, which was founded by ex-Greene King boss Rooney Anand, has acquired a number of single sites, as well as striking a number of bigger deals, including its first acquisition which saw it buy 42 pubs from Stonegate.
In August 2021, the company acquired The Coaching Inn Group, which will operate the Crown Hotel as a subsidiary of RedCat. At the time of its acquisition, The Coaching Inn Group operated 18 sites, a figure that has now grown to 24 with the takeover of the Crown Hotel.
The company’s acquisition strategy sees it target inns and managed and tenanted pubs throughout the UK, with the aim of providing investment and operational expertise to help accelerate growth. Backed by funds from Oaktree Capital Management, it operates a flexible approach through which it can acquire single assets or larger companies and portfolios.
The Crown Hotel, which was acquired for an undisclosed price, has 37 bedrooms, as well as a leisure centre featuring indoor swimming pool, gym, fitness suites, sauna and sun shower.
Commenting on the deal, RedCat Executive Chairman Rooney Anand said: “Kevin Charity and The Coaching Inn Group are a class act and have a strong record of identifying and running top-quality pub hotels. RedCat is delighted to be able to support the business and its continued expansion.”
Kevin Charity, CEO of The Coaching Inn Group, commented: “We’re pleased to have added the Crown Hotel to our high quality and fast-growing estate. I’m delighted with how The Coaching Inn Group is accelerating its growth with RedCat’s support.”
Charity added: “We’re actively looking for new opportunities to expand our estate of historic coaching inns even further.”
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