Richard Lewis, group chief executive of RedCat Hospitality, the recently rebranded operator of Coaching Inn Group and RedCat Independent Pubs, has told Propel that after a period of stabilisation, the circa 100-strong business is ready to return to the acquisition trail, with further additions to its room stock a particular focus. Founded and chaired by Rooney Anand, the business completed a £61m refinancing last year, giving “the stability required to invest for growth”.
The refinancing of its current debt facilities comprised debt funding from Barclays Bank and further equity from the group’s existing investors, including funds managed by Oaktree Capital. Last September, the company, which was built across a number of multi-site and single site acquisitions, said it was rolling out an £8m capital investment programme across its RedCat Independent Pubs and Coaching Inn Group portfolio over the next six to 12 months.
Lewis, who took up the leadership of RedCat Hospitality in October 2023, told Propel: “Having acquired a number of businesses and having to deal with the challenges that faced the whole of the sector over the past few years, there was always going to be the need to a period of stabilisation. We have done a lot of work on the foundations of the business, with both parts of the business learning from each other. It is time for a new chapter of the business, which will include investing in the existing estate but also looking at making additions – whether that is single site or packages. We have the support of our backers to be able to look at both.”
The rebrand of the business is part of the group’s next chapter, which will include its biggest single investment to date of £3m in the development and reopening of The Castle of Brecon Hotel – the oldest hotel in Wales – under the 35-strong Coaching Inn Group. The hotel has been closed since late 2024 to allow for an extensive refurbishment to take place. The 43-room site will reopen this April, with a 100-plus cover restaurant and 100-cover lounge area. Lewis said the business was in “early conversations on a couple of further sites we would look to add to Coaching Inn Group”. The business currently also runs 38 managed sites, now operating under the RedCat Independent Pubs umbrella, plus 22 leased & tenanted sites. Lewis said: “We want to harness that entrepreneurial spirit in these sites, dial up their independent nature and get them ‘acting local’. We will continue to invest in them, as we think there are more opportunities across this estate to build further momentum.”
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