Wear Inns continues acquisition trailOctober 2012 | Portfolio News
Wear Inns, a company focused on acquiring and managing a chain of community pubs across the North of England, has successfully acquired a further two premises from the Orchid Pub Group. The company acquired nine pubs from TCG Bars in July 2012, so has completed a total of 11 acquisitions only five months after receiving a £10 million funding package from NVM Private Equity (NVM) and Business Growth Fund (BGF). This will bring Wear Inns’ managed pub estate to a total of 26 premises.
The newly acquired premises include The Colonel Prior in Sunderland and The Park in Bradford. Both pubs fit nicely into Wear Inns’ target criteria of community-focused establishments with a potential for development.
John Weir, Managing Director of Wear Inns:
“In 2006, our objective was to acquire 20 pubs across the North East and Yorkshire, so we have achieved this and more over the years. 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. This year has been phenomenal and we are delighted to complete the second part of our acquisition strategy - with help from NVM and the Business Growth Fund.”
Mauro Biagioni, Director of NVM Private Equity:
“John Weir and John Sands have used their extensive experience of managing large pub chains to build up an impressive estate of premises across the North. This is a management team that truly understands its market and its customers. We are pleased to be a part of their ongoing success in an industry that has had its ups and downs over the years.”
David Colclough, Investment Director at BGF:
“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. It is a compelling growth story and one which we are delighted to be involved in.”
Duncan Reid, Partner and Head of Corporate Law at Watson Burton:
"Wear Inns is a company which has gained strength and momentum over the last year with key acquisitions in the North of England. The key to its success is the management team's ability to acquire and manage pubs under the Wear Inns’ brand whilst retaining the individuality of the community where each pub is located. As a firm, we have advised Wear Inns for a number of years and taken great pleasure in watching the company grow. We are sure that the latest of their acquisitions will be as successful as the last and wish them the best of luck in their future endeavours."