Peach Pubs to open boutique hotel following refinancing

18 May 2016 by
Peach Pubs to open boutique hotel following refinancing

Pub company Peach is to open a 12-bedroom boutique hotel next to its High Field pub in Edgbaston, Birmingham.

The move comes as the company announced that it had secured £9.5m from NatWest in refinance and acquisition facilities, part of which is supporting the opening of the hotel.

Peach, which said it was moving closer to becoming the 22-strong, £35m business its founders set out for it to be, also revealed that its year-to-date revenue growth was 6% above the market.

"We are rolling along very nicely so far this year, with strong like-for-likes and 14 out of our 17 pubs in like-for-like growth," said Joe Garthwaite, Peach finance director (pictured). "We continue to over-trade on key events, like bank holidays, and are confident performance will stay that way over the summer - the immediate future's looking peachy.

"We've been working hard behind the scenes for a while now to build long-term growth and particularly to secure the extra finance we need to take us to the next stage," he added.

Peach was founded 15 years ago when Lee Cash and Hamish Stoddart bought the Rose and Crown in Warwick.

Since 2005, the business has been banked by NatWest, supporting growth pub acquisition and new acquisitions like the High Field in Edgbaston, which turns over £40,000 a week.

Nick Randle, relationship director, corporate & commercial, NatWest added: "We are delighted to be able to support this successful local pub company with their ambitions and look forward to being part of their exciting growth."

The High Field, Edgbaston

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