A group of entrepreneurs that runs four night-time venues in Northampton has secured more than £2 million in loans from a specialist bank .
Old Northampton Group has just completed the third of three loans with OakNorth and will use the £800,000 to secure the freehold of Sazerac Bar. The company had previously used two loans totalling £1.2 million to buy what is now The Lighthouse in Wellingborough Road.
To date, the group has invested £9 million across its four venues, which also include Old House and the Department of Meat and Social Affairs.
The Lighthouse, which opened in June, also includes 12 self-contained student apartments on its upper floors which are let via the University of Northampton.
Commenting on the latest loan deal, Nikki Kooner, finance director at Old Northampton Group, said: “We’re very excited to be acquiring the freehold on Sazerac. As the first site we opened in Northampton, the bar holds sentimental value to us, and since opening in 2009, has become one of the town’s go-to destinations.
"Purchasing the freehold provides us with the security and peace of mind that we can continue to provide the town with a quirky and sophisticated cocktail venue for years to come.
“We were given the option to acquire the freehold and agreed on the price a year ago. However, in order to ensure we could go ahead, we needed to move quickly so appreciated the speed, efficiency, and responsiveness of the OakNorth team.”
Rishi Khosla, co-founder and chief executive of OakNorth Bank, said: “We’re delighted to have worked with Old Northampton Group on this deal. Northamptonshire has been designated as an area for major growth over the next decade - it’s clear from the group’s ongoing success in Northampton that it knows exactly how to tap into the town’s young and vibrant population to the benefit of both residents and tourists.”