Following a £10 million investment from Business Growth Fund (BGF) announced this week, independent coaching inns operator, The Coaching Inn Group, has completed its fourth acquisition of the year, purchasing The Castle Hotel, Conwy for £3.35 million, taking the Group to 13 properties.
The Group, which benefited from an initial investment of £4.5 million from BGF in March 2015, has secured a further £10 million this week to support a £50 million expansion plan, including a target of 25 sites before the end of March 2019.
Built on the site of a Cistercian abbey, within the Unesco World Heritage town of Conwy, the 300-year-old Castle Hotel, has 27 bedrooms and still retains many original features, including stone mullion windows and fire surrounds. Located on the coastal side of the Snowdonia National Park and close to the quay and castle, the hotel boasts a bar, restaurant and beauty salon, which are a popular draw for the local community and tourists alike.
The Coaching Inn Group CEO, Kevin Charity, said: “The past 12 months have seen us purchase four properties across the UK and we are on track to complete the purchase of another two by the end of our financial year; a great start to our recently announced £50 million expansion plan.
“The Castle Hotel has all the attributes we are looking for in future properties, which include a busy market town location and a business that will appeal to locals as well as visitors from further afield.
“The hotel has been successfully run for the past 16 years as a family business and we plan to continue in the same vain, with hotel manager Joe Lavin, the son of the previous owner, continuing to lead the existing team.”
The Coaching Inn Group has 13 historic venues across the UK and has built a strong reputation in the industry for transforming the fortunes of traditional coaching inns in busy market towns.