Wed, 31 Jan 2024 | COMMERCIAL PROPERTY
A £1.1 million funding package from finance provider Reward Finance Group has enabled a Cambridge publican and micro-brewery owner to acquire a pub and hotel business located on the outskirts of the city. Marcus Turpin, who has spent more than 17 years operating The Lord Byron Inn after acquiring the lease in 2006, has now acquired the business.
Since taking over at the Lord Byron, Turpin expanded the pub with hotel accommodation and a restaurant and began hosting events. The business grew further in 2014 when he established Turpin Breweries, which won several brewery awards but was mothballed during the COVID-19 pandemic.
The opportunity to acquire the Lord Byron arose recently, leading to Turpin approaching Reward Finance Group to help finance the purchase. Reward specialises in tailored business finance and asset-based solutions of up to £5 million for SMEs and property investors across the UK.
Following the deal, Marcus Turpin commented: "Having enjoyed over 17 years as publican at the Lord Byron Inn, it's hugely satisfying to now purchase the property and own the business outright.”
"We've built up a fantastic team here and have some exciting plans for the future, from expanding our hotel accommodation facilities through to relaunching Turpin Breweries and putting it back on the map after the difficulties we experienced during the pandemic."
Reward Finance Group Business Development Director Adam Jolley added: "Marcus and the team have established a hugely successful business and it has been highly rewarding to help them fund this property purchase and get it over the line within such a tight timeframe.”
"The Lord Byron Inn dates back to the 17th century and is steeped in heritage but also has massive potential for further building development and expansion."
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