Coaching Inn Group acquires Golden Lion St Ives for £2m in £20m expansion plan
The deal is the latest in the 11-venue group’s plans, which have seen it acquire five sites in the past 12 months. Overall, it is seeking to reach its target of 15 sites before the end of 2016.
The Golden Lion is an 18th-century inn located within the centre of the market town, and known locally for its seasonal menu. The Coaching Inn Group said that it would continue to build on the inn’s existing success, and added that the property was representative of the group’s overall direction and aims.
The news comes soon after the group reported a 29% increase in sales, 60% rise in profits, and a turnover of over £13m.
Kevin Charity, founder and managing director, said: “Over the past 12 months we have expanded The Coaching Inn Group with the acquisition of five new inns and have plans to add another four to the estate this year.
“The Golden Lion is a great example of the kind of property we want; great market town locations and businesses that will draw in locals and visitors from further afield alike.”
The Coaching Inn Group operates 11 hotels across Yorkshire, Leicestershire, Lincolnshire, Northamptonshire, Gloucestershire, Cambridgeshire and Wales.
