PE group Epiris swoops for community pub operator

Amber Taverns, a pub operator based in Blackpool and with outlets throughout the UK, has been acquired by private equity group Epiris.

Amber Taverns, founded in 2005 by chief executive James Baer, operates 178 freehold, wet-led (primarily drinking rather than food) pubs, mainly in towns across the North of England, the Midlands, Scotland and Wales. The group focuses on serving local communities, providing sports coverage and games, in addition to a wide range of drinks.

It runs a hybrid ‘operator-managed’ business model, through which licensees are encouraged and supported to develop their business and keep pubs refurbished.

Despite pressure on the pubs and hospitality industry as a result of the cost-of-living crisis and changing customer drinking habits, Amber Taverns has been performing strongly. In its accounts filed to Companies House for the year to 5 February 2023 it posted sales of £95.7 million, up 70 per cent on 2022, helped by a strong post-COVID bounce.

It recorded an operating profit of £15.8 million, double that of 2022. The group said increases in prices and operator fees had helped mitigate materials and labour cost hikes. The company also pointed to an increase in the value of its property estate at £219.1 million, up from £198.4 million in 2022.

The acquisition is part of Epiris' Epiris Fund III. It is the fifth investment out of the fund, following investments in B2B information services business Delinian, fasteners manufacturer Lone Star, Pure Cremation and GSF Car Parts.

Financial terms from the Amber Taverns deal have not been disclosed, but among the selling shareholders is Michael George of mid-market private equity firm MxP, who is also a founding shareholder of Amber Taverns.

Ian Wood, Partner and Head of the Investment Team at Epiris, said: “Amber has a firm and clear focus on value and service, with a broad product range served at competitive prices in community settings with a strong entertainment offering. This has enabled it to grow consistently, delivering industry-leading financial performance and taking share in the large and resilient pubs market.”

James Baer said the acquisition would help Amber Taverns carry out its ‘ambitious expansion plans’. “A well-invested pub focused on serving its local community is a resilient and relevant business model,” he said.


Find out more about how private equity investment trends might develop over the coming months

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