17 August 2022 – Cynergy Bank provided a new loan of £3.5m to Stay Original Company Ltd, an operator of five premium boutique hotels and pubs throughout the Southwest. The bank’s first deal with Stay Original was in May 2021.
This loan was given to provide 100% funding to support the purchase of the sixth site, At The Chapel, located in Bruton, Somerset. The building dates back to the 17th century with an 18th century chapel and comprises of a restaurant, artisan bakery, wine-store and eight bedrooms.
The loan was structured with a 5 year loan period with one year of interest only payments over a 24 year repayment profile.
Cynergy Bank provided Stay Original with a total of £8.7m in financing in 2021.
The Stay Original Company bought and renovated its first property in Wedmore in 2011. The company has since added properties in Somerton, Bradford-on-Avon, Shaftesbury and Dorchester. The firm’s pubs and hotel are regular award winners.
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James Brooke-Webb, Director, Stay Original Company Ltd commented: “Stay Original Company Ltd is growing and At the Chapel is exactly the sort of opportunity we have been looking for. It’s been great to work with Cynergy Bank again and doing business with Steve Crosswell and his team for the
second time has been no less of a pleasure than it was the first. Most importantly, Cynergy Bank moved swiftly to make the deal happen and went out of their way to adapt to our needs. Stay Original Company Ltd were advised by Bruce Roxburgh of Roxburgh Milkins and Tom Marshall and Bethany Drew of TLT LLP.”
Steve Crosswell, Relationship Director, Cynergy Bank added: “Having completed our first deal with Rob and James in May 2021 we were pleased to be able to further support the growth plan. At The Chapel is a wonderful asset and one that will fit perfectly within the existing portfolio of premium, boutique coaching inns. Geographically it fits very well, with Bruton being a very affluent part of Somerset. We very much look forward to seeing them successfully integrate the new purchase into the portfolio. The bank was advised by Chris Shearer of Colliers and Charlotte Round, Sam Mason and Stephen Cull at Fieldfisher.”
