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Fri 23rd Oct 2015 - Draco Pub Company seals £4m refinance
Draco Pub Company seals £4m refinance: The Somerset-based Draco Pub Company has announced the completion of a new £4m fund-raising deal heralding the start of ambitious expansion plans for the pub group. This will begin with a fourth property in the south west of England being announced soon. Since 2011, the Draco Pub group has acquired and transformed three coaching inns into award-winning pubs: two in Somerset, The Swan in Wedmore and The White Hart in Somerton, and one in Wiltshire – Timbrell’s Yard in Bradford on Avon. All three inns have been transformed to provide boutique-style bedrooms, stylish public spaces, and high quality food. Providing superb locally sourced food is central to the company’s philosophy, and the kitchens are overseen by executive chef Tom Blake, who has built a network of West Country farmers and suppliers to produce critically acclaimed menus. Draco was advised on the £4m refinancing by corporate finance specialists at Bishop Fleming. They worked with the management of the Draco group to help secure the new funding, creating new opportunities for growth. The deal was struck with Barclays to take over the group’s existing debt and provide further funding to assist new growth. Rob Greacen, managing director of the Draco group, said: “We are really pleased with the refinancing of the group and very excited about the next stage of our growth. We are now well placed to expand further in the south west with our unique take on the hospitality industry.” James Finnegan, corporate finance partner at Bishop Fleming, said: “Draco is a genuinely exciting business with a first rate management team. The company has built a reputation for creating independent and unique inns which provide first class food and service in beautiful and relaxed spaces that retain the buildings heritage and charm. We have worked with Draco for some time, and its vision and enthusiasm are fundamental to the future development of this ambitious group”. Rob Allum, relationship director, Barclays, added: “Barclays has the appetite to fund the growth aspirations of businesses such as this which has a strong management team and a clear understanding of the hospitality sector. We are pleased to be supporting Draco with the expansion of their business and we wish them every success now and in the future.”

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