Wear Inns uses NVM and Business Growth Fund cash to continue pub acquisition drive
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A pub chain backed by the Business Growth Fund and NVM Private Equity has added to its portfolio of sites by acquiring a further two premises.
Wear Inns, which was the subject of a £10 million investment round led by the Business Growth Fund (BGF) and NVM Private Equity in May, has bought two new community pubs.
The deal sees the company add two premises from the Orchid Pub Group to go with the nine pubs it purchased from TCG Bars in July. It now has a managed pub estate of 26 premises.
According to Wear Inns, the two additional pubs 'fit nicely' into its target criteria of 'community-focused' establishments with prospects for development. NVM director Mauro Biagioni says that Wear Inns now has an 'impressive estate of premises across the North'.
NVM has been an investor in the business since 2006 when it was founded by John Weir and John Sands, now CEO and chairman respectively.
Weir says that back in 2006 the company's objective was to acquire 20 pubs across the North East and Yorkshire, a target which it has now exceeded.
'We were clear that managed pubs were the way to go as they are clearly driving the market in terms of positive like-for-like growth,' he adds.
'This year has been phenomenal and we are delighted to complete the second part of our acquisition strategy - with help form NVM and the Business Growth Fund.'
Speaking at the time of the investment deal with the BGF and NVM, Wear Inns said that turnover at pubs it has acquired has grown by an average of 90 per cent in the six months after taking them over and refurbishing them.
David Colclough, investment director at BGF, comments, 'In Wear Inns, we are backing a company with a clear strategy of buying and building an estate of revitalised community pubs in the North of England and this latest acquisition is a demonstration that this progress continues at pace.'