A Cambridge-based publican and micro-brewery owner has secured a £1.1m funding deal to purchase a landmark pub and hotel business on the outskirts of the city, paving the way for future growth.
Marcus Turpin is primarily utilising the facility provided by alternative finance lender Reward Finance Group to purchase The Lord Byron Inn in Trumpington from Stonegate brewery. This acquisition aims to further develop that side of the business and transform Turpin Breweries after it was heavily impacted during COVID-19.
Marcus started his career as a builder before becoming a publican in 2006 when he acquired a lease for The Lord Byron Inn. Working alongside his father, he expanded the pub to provide hotel accommodation, events and a restaurant. In 2014, he further grew the business by establishing Turpin Breweries which went on to win several Society of Independent Brewers (SIBA) awards. However, the brewery had to be mothballed when the pandemic hit.
When the opportunity to purchase The Lord Byron Inn arose, Marcus needed a lender that could offer the pace and flexibility of funding. Reward, which specialises in providing tailored business finance and asset based solutions of up to £5m to property investors and SMEs across the UK, was the chosen lender.
Marcus Turpin, owner of Turpin Breweries and The Lord Byron Inn, said: “Having enjoyed over 17 years as publican at the Lord Byron Inn, it’s hugely satisfying to now purchase the property and own the business outright. We’ve built up a fantastic team here and have some exciting plans for the future, from expanding our hotel accommodation facilities through to relaunching Turpin Breweries and putting it back on the map after the difficulties we experienced during the pandemic.
“Given the speed with which we needed to complete the property transaction, we turned to Reward as we needed a lender which understood our needs, has extensive property finance experience and could provide an agile funding solution in a short space of time. It was a relief to secure the finance and work with a funding partner that could help remove the stress out of finalising the purchase.”
Adam Jolley, business development director for Reward Finance Group in the Midlands, commented: “Marcus and the team have established a hugely successful business and it has been highly rewarding to help them fund this property purchase and get it over the line within such a tight timeframe. The Lord Byron Inn dates back to the 17th century and is steeped in heritage but also has massive potential for further building development and expansion.
“We’re delighted that our funding will act as a catalyst for growth, providing the springboard for Turpin Breweries to relaunch, overcome the challenges many hospitality businesses faced during the pandemic and no doubt get back to winning more awards.”
Becky Hayward, relationship manager for Reward Finance Group in the Midlands, added: “I’m really looking forward to working with Marcus and providing ongoing support during what is such a significant growth period for the business. The expansion of the pub and hotel, coupled with the rebirth of the micro-brewery, all points towards an exciting chapter ahead.”