The Challenge
Elite Bistros, a well-established restaurant chain, were looking at purchasing a pub in Churton. The business has gone from strength-to-strength since launching its first solo venture Sticky Walnut, which opened in Hoole, Chester in 2011. The hospitality business has since expanded with eateries Burnt Truffle in Heswall on the Wirral; Hispi in Didsbury, south Manchester; Wreckfish in Liverpool; Pinion in Prescot; and Kala in Manchester. All sites apart from Sticky Walnut were crowdfunded.
The chain were seeking an opportunity to invest in to enable the business to keep growing and diversifying. The White Horse in Churton closed in 2020 and had been stood empty ever since. Having stood empty for around two years, the Elite Bistro’s were in need of funding to purchase the building and land and transform the deserted building into their first gastro pub.
The Solution
Having worked with Elite Bistros on multiple occasions over the past seven years, PMD Business Finance were able to secure part of the funding which has allowed award-winning chef Gary Usher’s Elite Bistros to complete a six-figure acquisition of its first pub, the former White Horse in Churton.
Funding provided by PMD included a commercial mortgage to purchase the building, asset finance to acquire the capital equipment and a merchant cash advance facility for working capital.
The Results
With funding secured by PMD, Elite Bistros will transform the building, which has stood empty since closing in 2020, into a new dog-friendly gastro pub with accommodation, expecting to create 25 new jobs and be completed by 2024.
Since purchasing the pub and land with help from PMD Business Finance, Elite Bistros have planned the addition of a sheltered outdoor dining area, while the four bedrooms above the pub will be revamped to create new accommodation for guests and their dogs.
The deal team at PMD included Jill Shaw, Chris Lever & John Platt.
“We’re proud to have worked in partnership with Gary and the Elite Bistros team to see this deal over the line. It has not only allowed Elite Bistros to diversify its offering and break into a new market but has also helped bring a disused pub back to life for the local Churton community. It’s really rewarding to have also helped fulfil Gary’s lifelong ambition of buying a country pub and changing its concept to focus on accessible fine dining with quality ales. I have no doubt this latest venture will be a huge success.”
“A pub as beautiful and charming as The White Horse deserves to be buzzing with life and energy. And you can feel that energy already from the community who have been offering tools or a pair of hands to help us with the renovations. It’s incredible. They can't wait for us to throw open the doors next year."