Successful financing round for Whitbread | news

 The  hotel group Whitbread PLC has successfully placed two bonds worth a total of £ 550 million (around EUR 25 million) in Great Britain. This is used to finance existing and planned sustainability projects, for example the exclusive use of renewable energy, the construction of hotels according to high environmental standards or the safeguarding of sustainable and ethical supply chains.

 The  green bonds were very well received by investors. “With this financing measure, we can ensure Whitbread’s commitment to sustainability in all markets in which we operate,” said Nicholas Cadbury, Group Finance Director at Whitbread.

 The  first £ 300 million bond runs through May 2027 and the second £ 250 million bond runs through May 2031.

Climate neutral by 2050

One of the specific goals of the ESG program is to reduce CO2 emissions by half by 2025 through the use of renewable energies compared to the reference period 2018/2019.

 The  company even wants to be completely climate-neutral by 2050 – including through environmentally friendly building concepts, the sustainable use of raw materials, climate-friendly transport and the ban on single-use materials from hotel operations by 2025. Charging points for e-cars are also being installed.

Confirmation of the strategy pursued in Germany

Premier Inn Germany will also benefit from the successful financing round. Not only by increasing the financial strength of the parent company and possible financial resources for sustainable programs, but above all by confirming the strategy already being pursued in Germany. “All Premier Inn Germany hotels are already supplied exclusively with green electricity. Existing properties that we are taking over as part of our expansion have been converted accordingly.

 The  other measures, from charging stations for electric cars to freedom from plastic, are already part of our Germany strategy, ”emphasizes Dr. Michael Hartung, Managing Director Development at Premier Inn Germany: “All measures are implemented equally in both new buildings and existing properties. We are currently preparing intensively to have all of our hotels certified according to the BREEAM In-Use Label. “

Further investment of £ 800 million

 The re are currently 23 Premier Inn hotels in operation in Germany. In total, the brand has secured 69 locations nationwide with over 12,000 rooms in more than 30 large cities.

 The  expansion, which is taking place despite the corona crisis, is possible because Whitbread PLC has already provided Premier Inn Germany with capital for new investments before the green bonds that have now been issued. Further investments amounting to around 800 million pounds (approx. 900 million euros) have either already been made or binding commitments have been made. In addition, a further capital increase of one billion pounds (approx. 1.13 billion euros) for future investments in the German and UK markets took place in 2020 during the Corona crisis via a bond issue. “

 The  bundle of measures shows how well we are positioned for further expansion in Germany and how well we can implement our sustainability concept without making any compromises,” said Hartung.

For more information on Whitbread PLC’s underlying green bond issuance announcement, please click here.

(Premier Inn / NZ)