Amber Taverns secures £30m investment pot
Blackpool-based Amber Taverns has tied up a £27.5m funding deal deal with Lloyds Bank Commercial Banking.The company, which buys and renovates pubs at around £600,000 a time, currently has 86 properties on its books and will now increase that to 120 by 2016.
Amber Taverns has already doubled its portfolio over the last three years, ranking in the Lancashire Businesw View Fab 500 and the Sunday Times Profit Track 100.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."Ashley Suter, relationship director 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."