Late night operator Old Northampton Group has secured a £800,000 loan to purchase the freehold of one of its key sites.
The company – which operates the Sazerac Bar, Old House, the Department of Meat and Social Affairs, and The Lighthouse – has secured £2m in loans from specialist provider OakNorth, since September 2015.
The group will use the £800,000 to acquire the freehold on Sazerac, a high-end cocktail bar in St Giles Quarter, and the first site the group ever opened. The bar, which is on a 20-year lease, is open on Thursdays, Fridays and Saturdays and has a club room, library room and karaoke room in addition to the lounge area with cocktail booths.
Old Northampton Group says it has invested £9m across its four venues to date.
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.
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.'