Chestnut, one of the UK's fast growing hospitality businesses, has announced a successful fundraising round of £7m following strong growth this quarter as lockdown eased.

The ambitious new plans, following the injection of capital from a range of private investors, will support a comprehensive upgrade programme and fuel the acquisition of an additional six assets in the region - which begins this week with the completion of The Maltings Hotel in Weybourne, Norfolk.

Ashley Norton, Head of Strategy at Chestnut said: “There is so much potential in East Anglia and we're excited to be leading this next phase of growth at Chestnut. The opportunity across the region is clear: Norfolk's tourist visits increased by 38% in 2020, and with an uplift in the population by 500,000 predicted over the next five years, the expanding area is set to see more visitors from London and surrounds, all with a desire for quality and convivial pubs, inns and restaurants.”

Philip Turner, Founder of Chestnut added: “Our trading performance post lockdown tells us that investment in the 'Garden Tipis' was the right call, and that momentum seems to have carried through as we have continued to invest in people and properties across the portfolio. Our shareholders have been enthusiastic in supporting the next phase in our development, as we look to capitalise on the increasing confidence and opportunities for the Chestnut brand in the region.”

The business also continues to put people at the heart of its growth strategy. Along with progression for staff members and robust training schemes, Chestnut are funding an Employee Assistance Programme, in conjunction with Hospitality Action, which includes a 24/7 hotline for employees and their families, as well as counselling sessions to be used as the employee sees fit. The group have also announced that all of their properties will be closed for Christmas and Boxing Day 2021, to allow every member of staff time off with their loved ones in response to their commitment during the pandemic.

Whilst recruitment has been hindered within the hospitality sector, Chestnut continues to support job growth in the local communities in which operates, the Group has successfully recruited a new team at The Rupert Brooke starting this month.

To support with the Group's ambitious growth plans, Henry Fairbanks joined the team as Chief Operating Officer in November 2020 from the Bermondsey Pub Company. Following his appointment, Chestnut has re-structured their operating platform with the appointment of Alex Goss as Group Talent Manager, James Daley as Group Commercial Manager and Ben Foxcroft and Steve Smith as Operations Managers.

Philip added: “The past 18 months have been incredibly tough for the industry and for the people behind the scenes that make it so special. Whilst we have been incredibly busy at a corporate level, our primary focus has been our people. Group-wide initiatives have brought our teams together, re-enforcing our appreciation of Chestnut's values and building culture in our growing community.”

Chestnut has also been undertaking a comprehensive refurbishment program set to upscale and support its growth within some of its existing locations. Refurbishments have recently taken place at:

• The Cricketers in Clavering, which was acquired by Chestnut in October 2020, has reopened after refurbishing all 22 ensuite bedrooms and shared spaces, including the bar area and restaurant.
• At the same time, The Rupert Brooke in Grantchester has also re-opened following a dramatic redesign of interiors and a new-look menu, taking inspiration from The Weeping Willow (Chestnut's “most Instagrammable pub in Suffolk”). 
• The Crown, Stoke by Nayland's 11 bedrooms, bar and restaurant have been redesigned with a contemporary, light and spacious look.
• The Ship in Dunwich will also be unveiling its significant investment in the garden, adding 200 covers supported by the new Field Kitchen and Bar pop up.

The Group is also celebrating a flurry of accolades including being shortlisted for the Pub & Bar Award category in The Cateys Awards.

ENDS

For further information, imagery, or a press opportunities, please contact Daniella Carter at Daniellac@thissrl.co.uk or 01603 706562.

Notes to Editor

Chestnut www.chestnutgroup.co.uk

Chestnut's collection of pubs, inns and restaurants includes The Packhorse Inn in Moulton near Newmarket, The Rupert Brooke in Grantchester on the outskirts of Cambridge, The Northgate in Bury St Edmunds, The Black Lion in Long Melford, The Westleton Crown in Westleton, The Ship at Dunwich, The Eight Bells in Saffron Walden, The Weeping Willow in Barrow, The Three Blackbirds in Woodditton, The Crown in Stoke-by-Nayland, The Cricketers in Clavering and The Globe Inn, in Wells Next-the-Sea, Norfolk.