Hundreds of jobs protected as pub operator secures £2.5m financial backing
One of Liverpool’s largest independent operators of pubs and bars, Rosewell Estates, has secured a £2.5m financial package from Barclays, protecting hundreds of jobs.
The deal includes a £900,000 CBIL (Coronavirus Business Interruption Loan), the Government-backed loan scheme.
As the country endures a second national lockdown, the finance will ensure the business can get through what has been an incredibly difficult time for the hospitality industry and is well-positioned to bounce back strongly when normal trading resumes.
Rosewell Estates owns and operates 24 wet-led pubs and bars, including venues such as The New Broadway and The Black Bull, across the city of Liverpool and surrounding boroughs.
Operating in the area for more than 20 years, the business is owned by the Caine family – Christian Caine is the current managing director and works alongside his father, Ian, who is the group chairman.
It is, arguably, the largest independent operator in the city with 24 sites operating a mix of freehold and leasehold sites.
Turnover is just over £9m with 225 members of full and part-time staff employed across the group.
Rob Morland, relationship director for Barclays Corporate Banking, led the transaction, and the deal was introduced by Jayne Preston, business development manager for Barclays’ national broker team.
Christian Caine said: “In 2019, we entered into discussions with various corporate banks as we looked to secure a refinance and restructuring package with a suitable long-term partner.
“Barclays were successful after impressing us with their sector knowledge, expertise and wide range of services they were able to offer to assist and complement the business.
“After a successful application process, matters began to progress with a provisional completion target date of March 2020.
“Unfortunately, the pandemic then struck, throwing both the deal and the hospitality industry into a tailspin of uncertainty.
“Over the following months we worked closely with Rob Morland and his team, overcoming the many challenges that the pandemic has thrown at both our business and the industry as a whole.”
He added: “Rob never wavered in his support to the business and his adaptability and tenacity enabled us to achieve our ultimate goals.
“We cannot thank Rob Morland and his team enough for their relentless efforts and support throughout these unprecedented times. We now look forward to working together with Barclays as we come through the pandemic and look forward to growing the business with them.”
Rob Morland said: “The Caine family have built up an extraordinary business over the last 20 years.
“Their successful operating model is reflected by their popularity and positive reviews.
“The team and I have spent a long time getting to know the client, and when the hospitality sector was impacted so devastatingly, our understanding of the business and our relationship with its owners made a huge difference.
“The new facility will secure over 200 jobs within the local community and provide vital liquidity to the business to build again once the restrictions are lifted.”