Firm that owns Water Lane cocktail bar in Bishop's Stortford has secured £3.3 million of Coronavirus Business Interruption Loan Scheme (CBILS) financing
The company which owns Water Lane cocktail bar in Bishop's Stortford has secured £3.3 million of Coronavirus Business Interruption Loan Scheme (CBILS) financing.
Anglian Country Inns has received the funding from Cynergy Bank to refinance existing debt with Barclays and provide emergency working capital to help it cope with the impact of Covid-19 and months of closure.
Its sister company The Farmhouse@Redcoats Ltd, which was already a Cynergy client, has received a £425,000 CBILS loan.
"We were delighted to have completed the CBILS funding of both Anglian Country Inns and our sister company, The Farmhouse, which together means we are able to protect the business and ensure we come out of the pandemic stronger than ever," said Anglian Country Inns managing director James Nye.
"Steve Crosswell and the team at Cynergy Bank really understand the sector and were able to structure the deals in a way that gives us breathing space as we look to reopen in the weeks to come."
Whilst the Government guarantee is for six years, Cynergy Bank is amortising the loan over a 25-year period.
The first year of the loans is interest and fee free as the Government pays this to the bank. Thereafter, Cynergy Bank has provided a further 12-month interest-only period before capital and interest payments commence in 2023.
Cynergy Bank's relationship director (hospitality) Steve Crosswell said: "The Nye family have built a robust and solid business with high-performing assets and they typify all that is good in a family-led business.
"We very much look forward to working with the Nye family in the future."