Independent hotel operator Mogford will invest a further £8.5m in redeveloping its portfolio of luxury properties, following a funding injection from banking group Santander.

The funding will help the group complete a three-year redevelopment programme, which has included the complete refurbishment of the company's flagship property, the 42-bedroom Old Bank hotel in Oxford.

All bedrooms at the Old Bank have received a facelift and the hotel will also open a spectacular new rooftop room with terrace overlooking the city skyline.

Mogford Limited was founded in 1987 by restaurateur Jeremy Mogford, who previously founded Browns Restaurant in 1973 with then-business partner John Mayhew, before selling the chain in 1996 to Bass Brewery.

“The refurbishment means we can continue to offer customers the highest possible standard and level of service," Jeremy Mogford said.

"We are incredibly excited about the new rooftop bedroom at The Old Bank, which is the first of its kind in Oxford and will no doubt be very popular."