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OakNorth Bank lends £9.4M to acquire and refurbish the second hotel from The Signet Collection, The Retreat at Elcot Park, in West Berkshire

OakNorth Bank – the UK bank for entrepreneurs, by entrepreneurs – has provided a £9.4M bespoke loan to The Signet Collection, for the launch of its second hotel, The Retreat at Elcot Park.

Founded in early 2020 by seasoned hotelier Hector Ross and his team, The Signet Collection is a visionary British hospitality brand that creates extraordinary boutique hotels in memorable locations. Preparing to launch in Spring 2022, The Retreat follows the recent opening of the OakNorth Bank funded, Mitre Hotel at Hampton Court, which within thirty days of launching, won ‘Best Hotel in London’ by The Sunday Times.

Dating back to 1772 and set in 16 acres of parkland, the hotel is situated a short drive from affluent towns such as Hungerford and Newbury, major transport links including the M4 and M3 motorways, as well as the popular tourist attractions, Newbury Racecourse and Highclere Castle used to film Downton Abbey. The refurbishments will see the hotel offer  55 bedrooms, nine apartments, a large brasserie & bar, a pan Asian restaurant and an impressive health club & tennis court.

Hector Ross, co-founder of The Signet Collection, commented on the transaction: “We are delighted to announce the second hotel from The Signet Collection coming next Spring. As with The Mitre Hampton Court, we look forward to unveiling a property which will be enjoyed in the context of its historical significance, both preserving and restoring authenticity coupled with offering a vast array of activities on site to keep our guests entertained. OakNorth Bank were easily the standout out lender of choice for this transaction, given their in-depth knowledge of the UK hotel industry, our strong on-going relationship with them and a speed-of-execution that no other lender can match. We see them as a true partner rather than a bank and we look forward to building on the relationship in the near future.”

Deepesh Thakrar, Senior Director of Debt Finance at OakNorth Bank, commented: “Due to our expertise across both property development and SME trading deals, we were able to create a bespoke facility that allowed The Signet Collection to acquire the hotel and refurbish it all under one facility. Continued limitations to international travel have resulted in a sustained demand for staycations, with 83% of Brits now preferring to holiday in the UK – a trend that Signet Collection is primed to take advantage of with their hugely popular Mitre Hotel at Hampton Court and this new addition. It’s resourceful, vastly experienced and creative entrepreneurs like Hector and team that will help drive the recovery of the UK’s hospitality sector and we’re proud to be once again supporting them.”

 

ENDS

 

Notes to editors

About OakNorth Bank plc

Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible and accessible debt finance to the UK’s Missing Middle.

Since its launch, the bank has:

It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 

Visit www.oaknorth.co.uk for more information.

Contact

Tom Pavey-Smith, Associate Director – Growth & Communications: tom.pavey-smith@oaknorth.co.uk / 0791 716 5588

[1] Accumulate CapitalThe Rise of Staycations: 2021 and Beyond

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