The Wear Inns pub business has received a further £10 million of investments and is preparing to acquire new sites and create new jobs to add to their 175 employees at present.
Business Growth Fund has invested £8m in Wear Inns and will take a minority stake in the business, while NVM Private Equity has invested a further £2m.
Wear Inns was established in 2006 by chief executive John Weir and chairman John Sands, and focuses on the acquisition and management of freehold community pubs across Yorkshire and the North East.
Currently, they have an estate of 15 sites properties, ranging from the New Inn in Wetherby, to The Sun in Shipley and The Courthouse in Barnsley.
Buying pubs from national chains and refurbishing them, Wear Inns has trebled sales over the last three years, and now has net revenues that total £7.3m, based on like for like sales growth of 7.2%.
Mauro Biagioni, North East director at NVM, commented:
‘The Wear Inns team have developed a winning formula over the years – transforming dead or dying pubs into quality local premises that offer great beer, great prices and an entertaining experience for the whole family.”