A historic Devon pub is here to stay thanks to an enterprising loan from Reparo Finance. The owner and landlord has big ambitions for the award-winning 17th century pub.
Now a £350k structured loan is funding a huge renovation project at the family run pub and restaurant, modernising rooms upstairs to provide state of the art bed and breakfast facilities.
The loan was facilitated as part of the sale and purchase of the pub from a partnership to a limited company. A complex deal of this nature is often impossible using traditional lenders. However, Reparo Finance are experts at providing bespoke finance solutions for SMEs.
Dan Jones, Senior Business Development Manager at Reparo Finance, explained: “Considering the tough times that the hospitality sector is facing, it’s especially rewarding to support a much-loved local pub.
“We really admire the tenacity of SME hospitality owners. They have battled through the COVID pandemic and subsequent challenging trading periods. It’s the landlord’s grit, resilience and drive to succeed that gave Reparo the confidence to fund this deal.”
Tim Jones, Director at Start Point Finance, who acted as the broker on this deal, added: “Reparo helped us with this particularly complex transaction. The team took a realistic credit decision, looking beyond the recent tough trading conditions, and made an excellent offer to help this incredible local business.
“Dan’s patience and help in concluding this transaction went well beyond normal customer service levels. The Reparo Finance team and I can’t wait to see this new chapter for the pub come to fruition!”
The pub was refurbished in 2022 to marry its historical charm with today’s modern comforts.
Reparo’s loan will see the pub’s bedrooms, stairway and landing renovated over the coming months, with new bathroom suites and furniture delivered to a high spec, in keeping with the rest of the pub.
Set to open later this year, the new B&B offering will further cement the pub as the beating heart of the local village, providing an additional service for locals and capitalising on the thousands of tourists which visit Devon each year.
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