Lancashire-based traditional pub company Amber Taverns has agreed a £27.5 million funding deal with Lloyds Bank Commercial Banking in Liverpool as it continues to expand its estate over the next three years.
Amber Taverns aims to increase its existing portfolio of 86 pubs to around 120 across Northern England, the Midlands and North Wales by 2016.
Under the new deal, the pub operator will extend its existing credit facility with Lloyds Bank by £5 million to allow it to continue its rapid acquisition of new premises, which has seen its estate almost double in size in the past three years.
Cli ve 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 t he 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.”
Ashley Suter, Relationship Director, Merseyside, West Lancs & North Wales at Lloyds Bank Commercial Banking said: “We have supported Amber Taverns since the company was established in 2005, and it has been rewarding to see how far the company has come in that time.
“We are on the lookout for other ambitious mi d-sized companies like Amber Taverns which we can help to achieve their business development goals.”
Amber Taverns was named the UK’s Best Community Pub Operator at the 2013 Publican Awards and has been included for four consecutive years in the Sunday Times Fast Track 100 – the league table of private companies achieving the highest sales growth – the only pub operator ever to do so.
The company completed a successful management buyout in 2010, supported by LGV Capital.