Fledgling hospitality company buys raft of pubs and hotels
A NEW hospitality company which aims to build a nationwide chain has completed its first deal with the acquisition of nine pubs and two hotels in Lancashire.
Provincial Hotels and Inns has acquired the venues from the brewery Mitchell’s of Lancaster. They include the County Hotel in Carnforth, the Clarendon Hotel in Morecambe and the Windmill Tavern at Salwick.
Provincial has been launched by hospitality management specialists Onecall Hospitality with backing from a small group of experienced London-based private investors. The company is planning a series of further acquisitions over the next 18 months.
Mark Chambers of Onecall Hospitality, who is a director at Provincial, said: “Provincial will be a unique brand with a range of distinctive hotels and inns. Our aim is to take iconic but underperforming venues and breathe new life into them.
“Through a programme of refurbishment and restyling, and using our expertise in hospitality management, we will place them once again at the heart of their communities.”
Provincial will offer two types of inns – the Taps brand will be ‘proper pubs’ serving craft beers and a selection of ‘English bar tapas’ and nibbles, while the family venues will offer quality, value for money dining with exclusive table wines, coffee lounge and play areas. Meanwhile the hotels will be geared to local demand.
Chambers, whose company Onecall manages pubs and hotels throughout the country, said: “The hotels will be community venues and cater to market demand, rather than following a set formula. For example, the Clarendon at Morecambe will be inspired by the seaside holidays of yesteryear with a very traditional tea room, while the County in Carnforth will offer family dining and also provide a venue for events and functions – exactly what it was renowned for ten years ago.”
The portfolio comprises a mix of managed and tenanted properties. Kaushik Mistry, who owns the Slate Bar in Kendal and is joining Provincial as operations director, added: “In addition to the investment in the properties, we will be providing tenants with marketing assistance and full support to grow their business.”
Provincial Hotels and Inns will be based in Burton in Kendal, Lancashire and share premises with Onecall Hospitality. The disposal by Mitchell’s is part of its strategy to focus on brewing and to grow its pub estate outside of Lancashire. The company will retain the remaining 38 properties within its portfolio.
Alasdair Rudge of CBRE acted as property adviser for the sale. London-based broker Steve Shelley helped to secure the equity funding. Martyn Rickels of FRP Advisory in Manchester advised on debt finance, which was arranged by David Edwards at HSBC in Manchester.
