OakNorth completes £20m loan to bar chain

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  • 29/06/2017
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OakNorth completes £20m loan to bar chain
Specialist lender OakNorth has provided £20m to the Brasserie Bar Co in a move which will see the company open 24 new sites across the UK.

Brasserie Bar Co is the owner of both the Brasserie Blanc and The White Brasserie Company brands and currently has 34 sites.

Mark Derry, chief executive officer of Brasserie Bar Co, said: “We have ambitious plans for both brands. Brasserie Blanc is well positioned to capitalise on the increased interest and footfall resulting from the refurbishment of the estate and The White Brasserie pubs have gone from three to 14 in the last four years with a menu, service ethos and ambience that is really hitting the mark with guests.”

“OakNorth was able to provide us with the right financing structure and flexibility to support our mid-term roll out strategy. With this new finance in place, we will be able to open 24 new sites in the next five years, growing our team and presence in the market.”

Since its launch in September 2015, OakNorth has grown its loan book to over £600m, with deals, including a £19m loan to LEON and a £14.4m loan to Frogmore for the development of a new boutique hotel in Southwark.

Deepesh Thakrar, debt finance director at OakNorth said: “It’s great to have been selected despite competition from several larger lenders and we look forward to watching Brasserie Bar Co’s progress over the coming years.”

 

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