Cynergy Bank has completed a £3.5 million loan to Stay Original Company to fund the acquisition of a sixth site in Somerset.
The loan provided by Cynergy Bank was structured with a five year loan period and one year of interest only payments over a 24 year repayment profile. This is not Cynergy’s first deal with Stay Original Company. Indeed, the first loan came last yearwhen the bank provided £8.7 million in financing to the group.
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.
Currently, Stay Original Company is the operator of five boutique hotels and pubs throughout the southwest of England. This new acquisition will include At The Chapel, located in Bruton, which comprises eight bedrooms, a restaurant, bakery and wine store.
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.
James Brooke-Webb, director of Stay Original Company
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.
Steve Crosswell, relationship director at Cynergy Bank
