Boston hotel chain The Coaching Inn Group has secured a further £10 million investment from the Business Growth Fund (BGF) to continue its £50 million UK expansion.
The company, which was also announced on December 4 as one The Sunday Times top 10 ‘Ones to Watch’, currently operates 12 coaching inns and will use the capital to increase the size of its portfolio to 25 properties by March 2019.
The Coaching Inn Group already received £4.5 million from BGF in March 2015, which helped to purchase and operate an additional six properties.
The group is also listed in Grant Thornton’s top 10 East Midlands’ fastest growing businesses, based on past and forecast sales growth, expansion and external investment, in The Sunday Times Virgin Fast Track 100.
The Coaching Inn Group founder and CEO, Kevin Charity said: “Having set a target of doubling the estate in five years, we’ve almost hit that target in less than two years.
“We now have a tried and tested formula and ultimately our goal is to acquire the right properties in the best locations, and sensitively restore them in line with the character of their local surroundings.”
Mark Freer, BGF said: “Kevin and his management team have ambitious plans for the business. That is something we are keen to support and we are delighted that the additional funding we have provided today will help accelerate the growth of the business even further.”