LGV Capital has completed the secondary management buy-out of Amber Taverns.
Amber Taverns is a community based pub company based in Preston, Lancashire.
It owns and operates 56 pubs, predominantly in the North West and North East under its operator agreements, which incentivise its pub operators by offering them a share of the pub’s takings.
LGV has backed the existing management team of Clive Preston (chairman), James Baer (joint managing director), Bryan Wardman (joint managing director), Michael Norris (finance director) and Gary Roberts (operations director).
LGV is a provider of private equity in the UK market and part of the Legal & General Group.
Bill Priestley, a managing director at LGV, says: "We are delighted to have completed the acquisition of Amber Taverns. The death of community pubs has been significantly over exaggerated in recent years and Amber is a perfect example of a business which has quietly gone about disproving the rule that pubs can only succeed where there is a food offering. From a start up in 2005, Amber has selectively expanded its estate and can now offer some of the best local pubs in the North. We, together with Amber’s long term funders, Lloyds Banking Group, look forward to supporting the management team to expand the estate further over the next few years.”
This will be LGV’s fourth investment in the pub sector.
