The expansion programme will see the North-West based operator open 30 new pubs in the next three years.
The funding comes in the form of £4 million in extra bank credit from Lloyds Bank, as well as a £1 million loan from the company’s majority shareholder LGV Capital. Both organisations continued to support Amber Taverns despite the fact that the community pub company operates in an “unfashionable sector”, Amber said.
Tim Rigg, Lloyds Bank corporate markets director for the North West said: “We have worked with Amber Taverns for a number of years. Their business success will undoubtedly have a ripple effect on the supply chain within the areas they operate in which is good news for the North of England.”
Amber Taverns, which currently operates 70 pubs, said the expansion would create 300 permanent new jobs. Earlier this year the company said it was planning to double its pub portfolio, then estimated at 56 pubs, by 2014.
The company describes its strategy as taking ‘unloved’ and struggling community pubs and investing ‘breathing new life into them’ with an investment programme and an operator agreement that pays out to the landlord according to the success of the pub.
Clive Preston, chairman of Amber Taverns said: “It’s been an exciting five years during which we have demonstrated time after time that good wet led pubs are a sound investment and provide a valuable local amenity.”
Founded in 2005, Amber Taverns was purchased in October 2010 by LGV, who retained the current management team.