Amber Taverns, the fast-growing operator of wet-led community pubs, is set to acquire another 30 sites after it increased its debt facility with Lloyds Banking Group by £5m to £27.5m.
The 86-strong group, which is backed by LGV Capital, has increased its debt facility by £5m to £27.5m and chairman Clive Preston said the company expected to have at least 120 sites by 2016.
Clive Preston, chairman of Amber Taverns, said: “The continuing success of our business is proof that the traditional ‘wet-led’ pub is alive and well, and quality venues in a good location and a competitive offer will thrive. Our customers want to enjoy great pubs in their local community that offer value for money and which also screen the best sporting events and we are delivering exactly that.
“The guidance and support we have received from Lloyd’s Bank has been invaluable in achieving the ambitious expansion plan we have pursued over the past three years and the Liverpool team has shown exceptional knowledge of the sector and our needs as a business.”
Last month managing director James Baer told M&C Report that the company had agreed terms on a further five sites.
All the sites are in the North and Midlands, “but several of them extend our geographical boundaries”, Baer said. He added that the company hoped to reach 92 sites by its year-end in January.
Weekly net sales average more than £9,000 per pub.
Preston said: “It’s inevitable we will keep coming further South. We’re not in the Home Counties yet but one thing we wouldn’t do is buy pubs within the M25. We buy freeholds and I’m not sure we’d be able to buy them at the right price.”
