Shakespeare Martineau advises on £4m funding deal to support Pennells Garden Centre expansion 

Leading full-service law firm Shakespeare Martineau has advised Lloyds Bank on a £4 million funding package to support the growth and development of Pennells Garden Centres – a family-owned business with roots dating back to 1780.

With existing locations in Lincoln and Cleethorpes, Pennells acquired its Sleaford site in 2018. The new funding will enable a major expansion project, set for completion in late summer. The development includes a new retail space, an upgraded restaurant with increased capacity from 100 to 250 seats, and enhanced parking facilities.

The project is expected to generate new job opportunities across both retail and hospitality. Final recruitment numbers will be confirmed closer to the opening date.

Shakespeare Martineau provided legal support to Lloyds Bank throughout the transaction. The deal was led by Naomi Tudor, partner and head of banking and financial services, with support from chartered legal executive Noreen Khan-Ghalib.

Naomi said: “We are proud to have supported Lloyds Bank on this transaction, which will enable a heritage business to evolve and grow while staying rooted in its community. The project reflects the strength and resilience of family-owned enterprises, and we’re pleased to play a role in facilitating their future success through strategic funding and legal insight.”

Looking ahead, Pennells is exploring future site acquisitions and plans to launch its own branded range of garden furniture, further building on its long-standing retail heritage.

Richard Pennell, chairman at Pennells Garden Centres, said: “We’ve always taken a long-term view, and this project is about making sure Sleaford continues to meet the needs of our customers for years to come. The new building means we’ll finally have space to showcase a fuller range, particularly during our busiest trading seasons. It’s also going to give visitors a more enjoyable experience, whether they’re shopping or stopping in for lunch.”

The funding from Lloyds Bank marks the start of a new relationship between the lender and the family-run business.

Nick Flanagan, relationship director at Lloyds, said: “Pennells is a great example of a business that’s stayed true to its heritage while adapting to changing retail expectations. This expansion will bring new services to the local area, create jobs and help the business continue its long-standing commitment to the community. We’re pleased to be part of their journey and look forward to seeing the Sleaford site continue to thrive.”