Chestnut, one of the UK’s fast-growing hospitality businesses, has announced its acquisition of The Feathers in Holt, North Norfolk.
The pub, which was built on the site of an old cattle market in 1650, offers 16 bedrooms with capacity for growth, alongside a restaurant and bar and is situated in the heart of the traditional Georgian town of Holt.
Domestic tourism in the region is increasing with recent Norfolk’s tourist visits up by 38% in 2020 and a predicted rise in the population by 500,000 over the next five years, making now the perfect time to expand and grow the portfolio across the county.
The addition of The Feathers to the Chestnut portfolio comes shortly after the acquisition of another Norfolk property, The Maltings in Weybourne, earlier this year. Speaking about the latest addition to the group’s portfolio, Philip Turner, Founder and Managing Director of Chestnut said:
“We are really excited to be expanding in this wonderful part of the region. 2021 continues to be a year of growth and with Norfolk remaining a great staycation destination and fast developing into a preferred post COVID relocation hotspot, The Feathers is the perfect addition to the Chestnut collection.
We have ambitious growth plans for the area, which is reflected in our latest acquisitions. Chestnut is looking to consolidate its position in a market of £3.5bn tourism spend and be well positioned for the changing dynamic of office/home working habits.”
Chris Scargill, Tourism and Leisure Specialist at Larking Gowen, Chartered Accountants welcomed the news of the acquisition and congratulated the group on its continued growth, he said:
“It is great to see ongoing investment in the sector in East Anglia. We have a great offering here and with more and more visitors finding us and then making us their destination of choice, the future looks very good indeed. Also, with continued acquisitions in the area – and not just the obvious hotspots – there is an ongoing evolution which is so very exciting”.