Amber Taverns boosts warchest to £20m
LANCASHIRE-based pub group Amber Taverns has boosted its acquisitions warchest by more than £6m as it looks to double in size over the next four years.
The Preston-based chain is bucking the trend in the troubled pubs sector, by buying closed down or struggling pubs in heavily-populated Northern towns and cities, and then revives with investment in technology and selling branded beers at realistic prices.
Backed by private equity investor Acuity Capital, Amber’s credit facility with Lloyds TSB is now £20m.
Amber, which in the year to the end of January nearly doubled turnover to £13.9m, appeared in the Sunday Times Fast Track 100 last year.
The company, founded in 2005, which has 56 pubs in its estate already, hopes to buy 15 premises a year, with the goal of getting to around 110 by 2014.
Chairman Clive Preston, who previously built up and sold another business called Nectar Taverns, said: “This further funding will allow us to drive towards our goal.”
He said Lloyds TSB had been so supportive and understanding of its strategy he had written to Eric Daniels, the chief executive of Lloyds Banking Group to thank him.
Last year Amber bought 23 pubs from the administrators of Liverpool brewer Cains, a deal which the bank supported.
Mr Preston said: “Without the bank I do not believe the deal would have happened.”
Ashley Suter, relationship director in Merseyside for Lloyds TSB Corporate Markets added: “The provision of an acquisition facility like this demonstrates both Amber Tavern’s appetite for growth and the bank’s commitment to supporting strong businesses in the North of England with appropriate finance.
“The funding gives Amber Taverns the confidence to negotiate with vendors about appropriate pub acquisition targets, knowing it has our full support.”
