Cynergy Bank Agrees £11M Loan Deal with Oakman Inns, Slashing Interest Charges
Cynergy Bank has agreed a £11 million loan deal with Oakman Inns & Restaurants, refinancing two of its properties. The transaction was welcomed by both parties, with Mark Dearman, Director of Healthcare & Leisure at Cynergy Bank, expressing eagerness to develop their relationship further.
The loan, negotiated by Cynergy Bank, will significantly reduce interest charges for Oakman Inns & Restaurants. It covers the ownership communities of The White Hart in Ampthill, Bedfordshire, and The Royal Foresters in Ascot, Berkshire. The White Hart, a historic Grade II listed building, features a 1930s dining room. The Royal Foresters has undergone refurbishment and now boasts 24 guest rooms.
The loans have an initial 12-month interest only period, followed by repayments over 24 years. Steven Kenee, Chief Investment Officer of Oakman Inns & Restaurants, praised the deal for reducing their cost of capital. Ravi Sidhoo, Managing Director of Cynergy Bank, expressed delight in concluding the transaction.
Cynergy Bank's £11 million loan to Oakman Inns & Restaurants will help reduce interest charges and lower the cost of capital for the restaurant group. The deal covers two prominent properties, The White Hart and The Royal Foresters, and both parties look forward to strengthening their relationship.
