- Sector: Leisure
- Acquisition: Oct 2010
- Deal Size: N/D
- Exit: May 2014
In October 2010, LGV acquired Amber Taverns, a community based pub company based in Preston, Lancashire.
At the time of acquisition the Company owned and operated 56 pubs, predominantly in the North West and North East under its unique Operator Agreements, which incentivise its pub operators by offering them a share of the pub’s takings.
LGV backed the existing management team of Clive Preston (Chairman), James Baer (Joint MD), Bryan Wardman (Joint MD) and Gary Roberts (Operations Director).The company has subsequently appointed Joanna Jones as Financial Director and Nigel Wimpenny and Non Executive Director.
LGV was attracted to the Amber strategy of carefully purchasing selected distressed or closed pubs in busy locations in the North of England and then making a significant investment in refurbishing them. Amber management then add further value by featuring key sporting events on big screen TVs, and by selling premier brands at realistic prices.
“The Company was sold to BlueBay Asset Management and MxP Partners in May 2014 for an Enterprise Value of c.£80m. At exit the business owned and operated 95 pubs. Please click here for the press release.