Jurys Inns go on expansion trail with £60m fund
Published: 2009-08-13 13:42:26
Jurys Inns Group has shrugged off the credit squeeze and subdued conditions in the hotels sector by announcing a £60 million (€70 million) fundraising and a major expansion plan for the UK and mainland Europe. (Story sourced from the Irish Times)
The fundraising completed last week was sourced from Jurys Inns’ existing owners Quinlan Private and the Oman Investment Fund as well as from the group’s existing bankers.
Jurys raised £15 million each from Quinlan Private and Oman Investment under existing cash call agreements with those shareholders that gives Jurys the ability to draw down additional capital. The remaining £30 million was sourced from Jurys’ existing syndicate of banks, which includes Anglo Irish Bank, AIB and Ulster Bank.
