Wear Inns, a company focused on acquiring and managing a chain of community pubs across the North of England, has acquired a further two premises from the Orchid Pub Group. The company acquired nine pubs from TCG Bars in July 2012, so has completed a total of 11 acquisitions only five months after receiving a 10 million pounds ($16 mllion) funding package from NVM Private Equity and Business Growth Fund. This will bring Wear Inns’ managed pub estate to a total of 26 premises.
Wear Inns, a company focused on acquiring and managing a chain of community pubs across the North of England, has successfully acquired a further two premises from the Orchid Pub Group. The company acquired nine pubs from TCG Bars in July 2012, so has completed a total of 11 acquisitions only five months after receiving a 10 million pounds ($16 mllion) funding package from NVM Private Equity (NVM) and Business Growth Fund (BGF). This will bring Wear Inns’ managed pub estate to a total of 26 premises.
The newly acquired premises include The Colonel Prior in Sunderland and The Park in Bradford. Both pubs fit nicely into Wear Inns’ target criteria of community-focused establishments with a potential for development.
John Weir, Managing Director of Wear Inns: “In 2006, our objective was to acquire 20 pubs across the North East and Yorkshire, so we have achieved this and more over the years. We were clear that managed pubs were the way to go as they are clearly driving the market in terms of positive like- for-like growth. This year has been phenomenal and we are delighted to complete the second part of our acquisition strategy – with help from NVM and the Business Growth Fund.”
Mauro Biagioni, Director of NVM Private Equity: “John Weir and John Sands have used their extensive experience of managing large pub chains to build up an impressive estate of premises across the North. This is a management team that truly understands its market and its customers. We are pleased to be a part of their ongoing success in an industry that has had its ups and downs over the years.”
David Colclough, Investment Director at BGF: “In Wear Inns, we are backing a company with a clear strategy of buying and building an estate of revitalised community pubs in the North of England and this latest acquisition is a demonstration that this progress continues at pace. It is a compelling growth story and one which we are delighted to be involved in.”
Advisers: Watson Burton – Duncan Reid, Paul Wigham, James Nightingale and Michael Shuker of Watson Burton (lawyers to Wear Inns).
Notes to editors:
Related press release: 2 July 2012 Wear Inns acquires part of TCG pub portfolio across the North East and Yorkshire
Inclusions: John Weir & John Sands imagery; Wear Inns’ pub imagery; Mauro Biagioni of NVM.
Wear Inns specialise in the management and acquisition of freehold pub premises in the North of England, under the direction of Managing Director, John Weir and Chairman, John Sands. With a constantly expanding portfolio of quality local premises and with a proven track record for success in the Hospitality sector, Wear Inns is moving forward to become a major force in the provision of an excellent customer experience at the most affordable prices.
NVM Private Equity Limited (NVM) is independently owned with over 27 years’ experience of investing in unquoted UK businesses. NVM is a generalist investor, managing over £200 million of funds, and is differentiated by having executives living and working in regional business communities throughout the UK. NVM seeks investment opportunities in UK businesses which have the right mix of growth potential and market vision. They may be looking to grow organically, acquire another business or secure a management buy-out. Typically, NVM looks to invest between £2 million and £10 million in each transaction.
Business Growth Fund (BGF) has been established to help Britain’s fast growing smaller and medium sized businesses. Growth potential is the key criteria. BGF will invest between £2 million and £10 million per business in return for a minimum 10 per cent equity stake and a seat on the board for a BGF director. BGF will provide long-term equity investment for those growing companies that today do not have access to this source of capital. As such BGF hopes to be a catalyst for growth among smaller UK companies.
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