Craig Bancroft and Nigel Haworth secure investment for their Northcote Group
Nigel Haworth and Craig Bancroft have secured long-term investment of up to £6m for their Northcote Group comprising the Michelin-starred Northcote and the Ribble Valley Inns group of pubs.
Richard and Lynda Matthewman, local entrepreneurs and long-term customers of Northcote, have agreed to buy a substantial equity interest in the business, which will allow the company to invest in its existing properties and expand.
Joint managing directors Bancroft and Haworth, who will remain in their current roles, will use the investment to grow their Ribble Valley Inns group of pubs, which currently comprises four outlets. The plan is to expand by another six to eight pubs across the North West over the next few years.
Additionally the duo will use the financial boost to invest in its current pubs as well as the Michelin-starred Northcote, which will increase its facilities from 10 to 24 bedrooms, expand its Louis Roederer Room and see the addition of a new kitchen.
Bancroft commented: "We are absolutely delighted with the news, as this secures a long term future for the whole group, staff & customers alike. The dream that Nigel and I set out to achieve in 1984 when we became partners can now be accomplished."
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By Kerstin Kühn
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