RedCat Pub Company plans to invest £8 million across its portfolio in the next six to twelve months, following a £61 million refinancing agreement.
This announcement follows the pub group's decision, led by former Greene King CEO Rooney Anand, to appoint administrators for its RedCat Leased Pubs division—a subsidiary that encompasses ten leasehold pubs—back in March.
The company also placed 14 sites from its managed division on the market and currently operates a total of 102 sites within the group.
Last month, RedCat Pub Group secured a £61 million loan, which includes debt funding from Barclays Bank and additional equity from the group's existing investors, such as funds managed by Oaktree Capital Management.
The latest £8 million capital investment programme will be allocated to enhance 18 RedCat pubs and six Coaching Inns throughout the UK.
The funds will be used for staff training, interior and exterior refurbishments, and expanding the food, drink, accommodation, and entertainment offerings.
The business has already completed five projects under the program, including renovations at the Bull in Barton Mills, the Wig & Mitre 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 substantial investment will help us further develop our business, support our dedicated teams, and ensure we deliver the best possible hospitality experience.”
