The RedCat Pub Company plans to invest £8m in its portfolio over the next six to 12 months following a £61m refinancing deal.
The announcement follows the pub group’s decision, led by former Greene King chief executive Rooney Anand, to appoint administrators to the RedCat Leased Pubs division – a subsidiary comprising ten leased pubs – in March.
The company also put 14 locations on the market from its managed division and currently has a total of 102 locations within the group.
Last month, RedCat Pub Group secured a £61m loan, which includes debt financing from Barclays Bank and additional capital from the group’s existing investors, including funds managed by Oaktree Capital Management.
The latest £8m capital investment program will target the improvement of 18 RedCat pubs and six Coaching Inns across the UK.
The funds will be used for staff training, interior and exterior renovations, and expanding the food, beverage, accommodation and entertainment offerings.
The company has already completed five projects under the scheme, including refurbishments at the Bull in Barton Mills, the Wig & Miter in Lincoln and the Crown Inn, Curzon Arms and Langton Arms in and around Leicestershire.
Richard Lewis, chief executive of RedCat Pub Company, said: “Our pubs and inns are at the heart of the communities they serve. This significant investment will help us to further develop our business, support our dedicated teams and ensure we provide the best possible hospitality experience.”
