By Angela Green, Content Executive, H&C News: Chestnut strengthens senior team to fuel acquisitions.
East Anglian pub with rooms collection, Chestnut, has strengthened its finance team as the business prepares for acquisitions in 2023.
Appointments of a Chief Financial Officer and a Head of Finance are key additions to the business ahead of delivering a strategy for growth over the next 24-months, through acquisitions and investment in new technology.
Garrath Fulford, who joined the business as CFO in January, has worked within the banking, finance, and accountancy sectors for over 30 years, holding a range of roles with UBS, JP Morgan and RBS. His most recent role was COO of NatWest Markets, where he led large scale business change and controlled transformation for the organisation. He also has extensive experience of corporate financing and management of large portfolios and teams.
“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 Founder and Chief Executive Philip Turner.
Turner continued: “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. Today we have acquired a business in Wells-Next-The-Sea with 10 bedrooms and a self-contained cottage to expand our accommodation offering at The Globe Inn – as we continue to look to develop our existing businesses through add-on acquisitions. During the last 18-months we have been building a team capable of sustaining and accelerating that growth, and the corporate finance and industry experience Garrath and Ted bring will be an invaluable addition.
“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. 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.”
Ted Child will be joining Chestnut at the end of January and has spent the last 13 years working in the pub industry. His previous experience includes finance positions at Greene King and Punch Pubs & Co, where his roles included heading up evaluation and assessments of potential JVs and acquisitions, design and management of capex models and transforming internal operational systems and processes.