Portobello Starboard receives a £40m loan to fund expansion

pub & bar

By BigHospitality

- Last updated on GMT

Portobello Starboard receives a £40m loan to fund expansion

Related tags: Portobello Starboard, Pub & bar

Southern-based pub group Portobello Starboard has received a £40m loan to fund its expansion.

The funding, from OakNorth Bank, will go towards acquiring and expanding pubs, and was secured by Portobello’s private equity backer, Zetland Capital.

It will help fund acquisitions across London and the south of England – including the recent five-strong deal, which included three venues in Brighton.

“We are delighted to have completed this acquisition and to partner with Zetland Capital. Zetland’s backing will enable us to invest in these great pubs and our fantastic teams, supporting the recovery and to acquire further pubs in the South of England,” says Mark Crowther, executive chairman of Portobello Starboard.

 “Given the challenges pubs have faced over the last two years, there aren’t many lenders who would consider supporting the sector at the moment. However, through looking at the portfolio’s past performance, as well as taking a forward-look view of its future potential, OakNorth Bank was able to put together a facility which will keep these pubs thriving and enable us to further expand the portfolio.”

Portobello Starboard’s pub portfolio includes the flagship Westow House in Crystal Palace, which has recently added 22 en‐suite bedrooms, along with other locations including Effra Social in Brixton and Pratts & Payne in Streatham.

Westfort Advisors advised Zetland Capital on the transaction.

Related topics: Business & Legislation, Pub & Bar

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