A RESTAURANT chain which owns a pub in Ascot has refinanced its debts. 

Oakman Inns which runs The Royal Foresters on London Road has been provided with £7,809 million to help move the pub group further with its plans.

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The loan given by Cynergy Bank is at a significantly reduced interest rate charges which will help the groups debts.

The previous loans were being charged at a higher interest rate.

Steven Kenee, a chief investment officer of Oakman Inns & Restaurants, said: “I am delighted to announce the completion of the refinance with Cynergy Bank.

"The deal has significantly reduced our cost of capital.

"We are very much looking forward to the next phase of our growth, something that will be much easier with the new financing package in place.”

The historical building of The Royal Foresters has been a meeting place in Ascot for more than 140 years.

Since Oakman Inns took it over, it has been refurbished, remade and redesigned and even has 24 guest rooms.

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Mark Dearman Cynergy Bank’s director of healthcare and leisure, added: “Oakman Inns are a leading independent pub company, operating to the highest standards and we are pleased to have developed a relationship with Steven, Peter and team to become the group’s largest banking lender.

"We look forward to developing the relationship further in the months and years to come.”