Heartstone Inns backed for expansion
Country pub chain Heartstone Inns has raised £3m in order to continue its expansion
Country pub chain Heartstone Inns has raised £3m in order to continue its expansion across the UK.
The company enlisted the services of Beer & Partners to help in the funding round and it introduced them to Halogen Holdings, which invested the cash.
The money will be used to acquire handpicked sites as well as building the infrastructure required to grow its food-based chain effectively.
Based in the South and South West, Heartstone Inns was launched of the year by managing director Stuart Hawthorn and finance director James Birch.
Both men have extensive experience in the UK pub and brewing sector having worked in companies such as Greene King, Innspired and Refresh UK.
Hawthorn said: “This funding round, together with options and further commitments, will bring in a total of nearly £4.5m over the next few months.
“This will enable us to grow the chain quickly and efficiently towards a level where maximum value creation is likely to be seen.
“We have already acquired the first two pubs, which are trading ahead of plan, and are in the final stages of completion on a further two.”
Lloyd Marshall and Edward Beale, both directors of Halogen Holdings PLC, have been appointed to the company’s board.
Arthur Chamberlain, investment director at Beer & Partners, added: “Stuart and James make a quality team, with the right experience and a sound business proposition.
“This combination is the key to raising equity from private sources where, contrary to common belief, there is plenty of funding available for well structured projects, right up to pre-IPO levels.”
Heartstone Inns was advised by Ian Wood-Smith of law firm Field Seymour Parkes on the deal.
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