Amber Taverns in £80m management buyout backed by MxP Partners
Amber Taverns has been sold for £80m by Legal & General Capital to a management team backed by MxP Partners.
The 95-strong pub group specialises in turning around failing pubs in the Midlands and North of England.
Its management team, led by Clive Preston, James Baer and Bryan Wardman has been backed in the takeover by founding shareholder MxP Partners with additional funding from BlueBay Asset Management's direct lending fund.
Amber Taverns has plans to open an additional five pubs by the end of the year.
Chairman Clive Preston said: "The Board of Amber Taverns is delighted to have a new partner to continue the buy and build strategy of the group. 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 with a competitive offer will thrive."
MxP Partners founder Michael George added: "We are delighted to have the opportunity to re engage with the management team with whom we founded the company in 2005. Given MxP's prior relationship with management and knowledge of the business, MxP were uniquely placed to acquire the business in a short period of time."