Chestnut Inns, established by former banker and corporate financier Philip Turner, has acquired Ounce House in Northgate Street, Bury St Edmunds. Chestnut Inns completed on the property, its third investment, on Friday 23rd January 2015 just three months after opening its second venture, The Rupert Brooke in Grantchester, Cambridge.
The Bury St Edmunds acquisition brings the hospitality company back in to Suffolk; The Packhorse Inn which opened October 2013, the first in the group’s portfolio, is in the village of Moulton just outside Newmarket.
Ounce House is a red brick, gable-ended, three-storey property, set back from the road a five-minute walk from the abbey and pedestrianised shopping streets in the centre of Bury St Edmunds, Suffolk. It was purchased from Simon and Jenny Pott, owners for over 30 years and who ran Ounce House as a 5 star rated guest house. The agents were Whatley Lane Estate Agents.
The Chestnut Inns’ continuing strategy is to identify freehold sites in the region, which as a result of under capital investment, are not delivering their full potential. Work will begin immediately on a significant refurbishment of the Bury St Edmunds property with current plans being to provide a bar, dining, private dining, meeting room facilities and boutique accommodation, all in keeping with the values and style already established by the existing businesses. The team are working towards opening the doors on the revitalised site in the Autumn.
Chestnut Inns’ owner Philip Turner is excited about this latest development: “Bury St Edmunds was the logical next move. It is perfectly positioned in relation to the other businesses; close enough to be part of an operational support structure and yet far enough away to have its own customer base and target market. Bury St Edmunds is growing both as a hub for tourism in the region as well as being recognised as a focus for the promotion of great Suffolk food and drink. Locally sourced food, great service and a traditional role at the heart of the community – that is what Chestnut Inns is all about and what we will be working to achieve with the Northgate Street site.”