Lancashire-based pub operator Amber Taverns has agreed to a new funding deal with Lloyds Bank, which will help it to open a further 30 sites over the next three years.
The group, which currently operates 86 sites, is increasing its debt facility by £5 million to £27.5 million, meaning that it's portfolio can stretch to around 120 venues across the north of England, the Midlands and North Wales.
This news comes after Amber Taverns’ managing director James Baer revealed in June that the firm was planning to launch new sites in the south, especially after announcing a record set of financial results for the year. However, Mr Baer added that there are still a series of northern towns that the firm is not trading in and central London boasts property prices that are too high for its existing business model.
It is hoped that these expansion plans will create a wide array of hospitality jobs for the wider region.
Chairman Clive Preston 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.
“The guidance and support we have received from Lloyd’s Bank has been invaluable in achieving the ambitious expansion plan we have pursued over the past three years and the Liverpool team has shown exceptional knowledge of the sector and our needs as a business.”
Ashley Suter, the relationship director for Merseyside, West Lancashire & North Wales at Lloyds Bank Commercial Banking, added that Lloyds has been supporting the group since it established back in 2005.
Amber Taverns, which completed a management buyout in 2010, recently won the accolade for the UK’s Best Community Pub Operator at the 2013 Publican Awards.
Berkeley Scott is a specialist recruitment agency providing hospitality employment solutions.