Chestnut Group buys bed-and-breakfast at Wells-Next-The-Sea

Chestnut Group has added Arch House Rooms at Wells-Next-The-Sea to its rapidly expanding portfolio across Norfolk, Suffolk, Essex and Cambridgeshire for an undisclosed sum.

Head of marketing Tori Dexter said they were already taking bookings at the newly-bought site, which includes a self-contained cottage and lies a short walk from the group's pub property The Globe Inn.

"It's always so busy up there - and especially over the summer - I think the additional bedrooms are really going to help," said Ms Dexter.

The group was launched nine years ago when former banker Philip Turner bought his local - the Packhorse Inn at Newmarket - and decided to expand the brand across the region's many beauty spots.

It now owns 16 pubs in various visitor magnets - including the Cricketers at Clavering, The Ship at Dunwich and the Wiveton Bell. Tough times for the sector as the cost-of-living crisis bites haven't slowed its momentum.

One of its recent acquisitions - made last year - was The Maltings at Weybourne. Major works are planned at the large 30-bedroom site including a double-storey restaurant and it is now expected to open next year.

The group says it is continuing to look to develop its existing businesses through add-on acquisitions - like Arch House.

The red-brick Grade 2 house offers views over Wells' picturesque roof tops and meadows - and guests can enjoy breakfast at The Globe. It features a private terrace and car park. 

"While I know this is a tough time for the sector, we have as a business, always focused on developing a brand which evokes loyalty, with a strong focus on our community, looking after our team and delivering great hospitality," said Mr Turner.

"We believe that this approach has left us well placed to continue our journey as a nimble and privately-backed business, looking at opportunities for future acquisitions within the marketplace."

The business - based at Higham, near Bury St Edmunds - has just made two key appointments to its top team as the group positions itself for further growth over the next 24 months through acquisitions and investment in new technology.

Ted Child has joined as head of finance and Garrath Fulford as chief financial officer.

Pub industry veteran Mr Child has held finance positions at Greene King and Punch Pubs & Co while Mr Fulford has worked in the banking, finance, and accountancy sectors for more than 30 years - including at UBS, JP Morgan, RBS and NatWest Markets.

"These two appointments are a cornerstone in our plans for future growth and we are delighted to welcome both Garrath and Ted to the Chestnut team," said Mr Turner.

"Over the last five years our business has really grown up, moving from a handful of local inns and pubs to a strong collection of properties across the eastern region."