Chesapeake Mill in Wickham to expand after being granted £670,000 bank loan

An antiques and vintage centre will expand after being given a bank loan.

Chesapeake Mill in Wickham currently has 47 independent traders but will be able to expand after work which adds two more floors of capacity.

The expansion plans will come to fruition after about £670,000 in finance from Cambridge & Counties Bank, with the new funding to be used by the current management team to build out the top two floors as well as simplify existing debts.

The management team, which have run the site for the past 23 years, were introduced to the bank by commercial finance broker White Oak UK.

Chesapeake Mill is an historic building which has been carefully maintained and adapted for modern commercial use. The building is named after the United States frigate Chesapeake, which was captured by the Royal Navy during the War of 1812, with timbers from the ship used in its construction.

The Mill has for many years been a retail outlet, with some tenants having been there for more than 20 years. It has a waiting list of more than 50 traders.

While the new finance will help repay existing debts, the funds will be used to open up and refurbish the upper floors so they can be fully let to new tenants on the waiting list, further increasing the value and attractiveness of the venue for all stakeholders. Improvements will also be made to the Heritage room to better inform visitors about the history of the building. The works are expected to start this year.

Chesapeake Mill Ltd director Sandy Taylor said: “We have seen ongoing demand for additional tenants and space so it’s very exciting to now be in the position to meet that demand from traders that wish to be at our exciting location. The Mill has both local and nationwide visitors and has even become a tourist attraction, often visited by people from the USA.”

Scott Barber, the regional director at Cambridge & Counties Bank, said: “We are delighted to be supporting such a wonderful, historic business in the heart of its community. Our funding and support often allows our clients to both refinance incumbent debts and fund growth-focused improvements to a business, and it’s great to be able to support the long-standing, highly experienced team at Chesapeake Mill to do both.”