An entrepreneurial couple have secured the future of a historic Powys pub– after securing a commercial loan from property lender Together.
Christopher Skinner and his wife, who have run Nantyffin Cider Mill, part of the Glanusk Estate in Crickhowell since 2015, are now owners of the Grade II-listed pub on Brecon Road.
A former drovers’ inn built in 1650, the mill was made famous for cider production throughout the 19th century.
Property lender Together provided the Skinners, who live on site, with a six-figure commercial mortgage for the historic inn. After buying the foodie pub, the couple have vowed to continue serving the hearty Welsh produce for which it has become known.
Christopher said:
“When the previous owners decided to sell, we knew we had to go for it!
“Having run the Nanytiffin for several years, we knew it was a successful, profitable business – it was listed in the Good Food Guide in 2015 and has won the Welsh Family Restaurant Award twice and we’re continuing to build on that success.”
They had first been offered the chance to buy the business in 2022 but found it a struggle to secure the finance they needed to meet their ambitions.
Despite its previous success, the pub’s income had dropped as a result of successive Covid-related lockdowns and the couple found some banks were reluctant to provide a loan without them providing several years’ evidence of income.
The bank they’d been with all their adult lives wanted an “incredibly high” deposit, which they couldn’t afford, said Christopher – as the deadline for them to buy the pub loomed.
They turned to broker Brad Britch of Sedulo Group, which specialises in providing finance for SMEs. He approached Together, a Manchester-based property lender with a loan book of £6.6bn, who were able to assess the future income from the business.
Christopher said:
“We spoke to Brad, and he pointed us in the direction of Together. Our entire experience of both has been faultless; they were able to help us in a situation which our usual lender wouldn’t, and provided the funds at an incredible speed.
“You hear stories of lenders taking a full year to provide funds, which would of course have ruined our chances of purchasing The Nantyffin. Together were able to complete the process in just a few months, and we are now the proud owners of the inn.”
Jamie Grimshaw, Business Development Manager at Together said:
“We are delighted to have helped Christopher and his wife in the purchase of this pub. After looking at their situation, we had every confidence they would be able to run a successful business.
“Hospitality took a big hit during COVID. We lost many pubs and restaurants through a difficult time, and so seeing more acquisitions of this kind is encouraging.
“This is the perfect example of how at Together we are able to take a flexible, bespoke approach to cases; and help our clients achieve their property ambitions.”
Brad Britch of Sedulo, said:
It was an absolute pleasure to help Christopher and his partner in achieving their ambitions of owning this fantastic pub. At Sedulo, we see this type of thing all the time where existing banks are not willing to have common sense decision making, leaving clients disappointed. Thankfully there are lenders in the market like Together where they will take a more flexible approach to lending.”
