Amber Taverns bought for £80m

Blackpool-based Amber Taverns has been sold by Legal & General Capital to MXP Partners and BlueBay Asset Management in a deal worth £80m.

Amber TavernsThe company, which buys and renovates pubs, currently has 95 properties on its books and recently secured funding to expand that number further.

Legal & General bought its 82 per cent stake in the firm in 2010 for £35m. BlueBay becomes the biggest shareholder, followed by MXP and then management, which has reduced its own shareholding slightly. Amber Taverns has also agreed a £34m debt facility with HSBC to fund additional expansion.

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 with a competitive offer will thrive.

“Our customers want to enjoy great pubs in their local community which 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 Legal & General has been invaluable in achieving the ambitious expansion plans we have pursued since their investment in 2010 and we look forward to the next chapter for Amber Taverns’ continued development with MxP Partners."