Lancashire-based pub firm Amber Taverns has agreed a £27.5m funding deal with Lloyds Commercial Bank in Liverpool to help fund its expansion over the next three years.
The company 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 £5m to allow it to continue its acquisition of new premises – Amber’s estate has already almost doubled in size in the past three years.
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.
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.
“The company operates in an extremely competitive sector, but by staying true to its ethos of delivering quality traditional pubs that are loved by local communities has allowed it to flourish.”
Amber Taverns, which 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 – completed a successful management buyout in 2010, supported by LGV Capital.