Northern pubco The Inn Collection Group has kick-started its new year trading by adding to its ‘pubs with rooms’ operation.
The group has purchased the 15-bedroom The Pheasant Inn at Bassenthwaite Lake, Cumbria, as its strategic ‘buy and build’ expansion plans continue.
The Pheasant will continue trading before full-scale redevelopments and enhancements get underway to bring the historic 17th century coaching inn located within easy reach of both Cockermouth and Keswick, into the group’s multi-award- winning eat, drink, sleep and explore brand.
Managing director Sean Donkin said: “We are delighted to be starting 2020 with the announcement of this landmark addition to our growing portfolio.
“We search long and hard for sites that have that extra special quality when it comes to location and offering for our customer base. The Pheasant delivers on every level in terms of address, character and potential.
“We specialise in repurposing and enhancing historic buildings which are desperately in need of capital expenditure like this. We will be investing significant capital expenditure into this extraordinary venue as we broaden our customer base and long-term presence across the North of England.”
The Pheasant – which is said to have been a haunt of famed huntsman John Peel, immortalised in the 19th century folk song D’ye ken John Peel? – will operate on The Inn Collection Group model of providing value-for-money services, including accommodation, dining and drinks, 365 days a year.
The addition of The Pheasant brings the group’s portfolio tally of inns to 12 in Northumberland, County Durham, Yorkshire, and Cumbria.
The announcement follows the recent opening of the group’s debut Lakes venue, the 30-room The Ambleside Inn, located in the heart of the picturesque town of Ambleside. Construction of the new-build 40-room The Seaburn Inn on Sunderland seafront is set to begin later this month [JANUARY] as The Inn Collection Group looks to more than double its portfolio of freehold pubs with rooms by 2022.
The Alchemy-backed The Inn Collection Group is continuing its expansion trail to seek out new development opportunities to grow its portfolio in the Lake District and Yorkshire, as well as within its North East England heartland, supported through banking by OakNorth.
The Inn Collection Group was advised by Newcastle-based law firm Ward Hadaway on the transaction, with Jones Lang LaSalle on pre-acquisition diligence.