Chestnut Group invests in north Norfolk ahead of summer

Chestnut Group - which has just scooped a major industry award - has been growing fast over the last few years and is seeing double-digit growth in sales this year.

It has been investing heavily in its estate - and creating more bedrooms across its 16 properties. It now has a total of 224 bedrooms across Suffolk, Norfolk, Essex and Cambridgeshire and employs around 530 staff.

Its chief executive would like others - particularly in the Suffolk Coastal area - to do the same.

Philip Turner said with many holidaymakers finding overseas travel still too difficult, there was demand for good, home-based tourism - but businesses must be realistic about their rates. 

He feels the "staycation" concept - which really took off during the pandemic when overseas getaways were not possible - is here to stay.

"We think that the summer will be busy but I think the quality of product in the UK is significantly better than it was pre-pandemic - for lots of reasons," he said.

"We have been recruiting more people. We are seeing a slight softening in the labour market which is great and we feel consumer confidence is there going into the summer.

"While the cost of living remains an issue and inflation, we are seeing consumer confidence being restored."

The Weeping Willow at Barrow, Bury St Edmunds, launched seven new lodges at the end of May following a £700k investment which also funded other facilities from electric charging to parking, hot tubs and eco heating systems.

The company has also been busy renovating properties in north Norfolk - a tourism hotspot.

Among these have been The Feathers and The Lawns Rooms at Holt - as well as The Maltings at Weybourne - which is closed for works.

"We would like to be investing in the Suffolk Coastal areas," said Mr Turner, but admitted finding the right opportunities was difficult.

"We see higher footfall and higher spend per head in north Norfolk because there has been higher investment," he said.

But he singled out The Suffolk at Aldeburgh - run by another hospitality business - for praise. "We like competition - competition increases footfall," he said.

"We would love to see more people investing in higher quality property assets on the Suffolk coast."

The group already owns some top sites - including The Ship at Dunwich and The Westleton Crown - on the east coast.

"But we would be keen to commit additional capital to that area," he said.

"There are a number of people who own assets on the Suffolk coast and they are not investing in them. It's their asset - they can do what the want," he said.

But he was not seeing the same investment in the Suffolk coast holiday hotspot compared to north Norfolk, he explained.

"I definitely think we collectively as an industry should be doing more to invest in the Suffolk coast to drive higher footfall - I think there is more capacity there," he said.

"We invest heavily in our portfolio and that's a key differentiator there."

People across the industry are working "incredibly hard" - despite all the pressures this year, he said. 

His business has "dramatically increased" its bedroom count and has recently raised additional capital to fund further growth.