For hospitality businesses, securing the right finance at the right time can make a significant difference, particularly when it comes to investing in premises, managing cash flow or planning for growth.
A new case study from IoH Business Partner Allica Bank highlights how finance helped the owners of a historic Devon pub create greater financial headroom and plan for its next stage of development.
The Devil’s Stone Inn, a 400-year-old village pub in Shebbear, Devon, was purchased by Suzy Cremer in 2021. Alongside her husband Lee, Suzy has since transformed the pub into a thriving community hub, despite having no previous experience of running a pub. Following difficulties securing funding from mainstream lenders, Suzy initially used bridging finance to complete the purchase. However, after meeting an Allica Bank relationship manager, she was able to refinance the borrowing onto a commercial mortgage.
Suzy shared: “I really liked Allica’s ethos about supporting small businesses. They feel modern and fresh, and much more approachable than the mainstream banks.”
The move reduced the pub’s monthly repayments by £1,000, giving the owners greater flexibility to invest in the business and look ahead to its next phase.
Plans include further investment in the pub’s accommodation, as well as the addition of an outdoor kitchen and pizza oven. The case study provides an insight into some of the financial challenges faced by independent hospitality businesses, as well as the role that appropriate finance can play in supporting long-term investment.
Allica Bank works with established SMEs across the hospitality sector, providing a range of banking and finance services including commercial mortgages, bridging finance, business current accounts, overdrafts and asset finance.
Find out more about Allica Bank’s work with hospitality operators and SMEs.
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