Member Article

Wear Inns acquire more pubs in North East

North East pub group, Wear Inns, has secured two premises acquisitions in the region from the Orchid Pub Group.

Wear Inns strategy focuses on buying and managing a chain of community pubs in the North East, and has made 20 acquisitions in the last year since receiving funding.

The group won £10m from the Business Growth Fund (BGF) and NVM Private Equity, and used the money to bring its chain up to a total of 26 premises.

The Colonel Prior in Sunderland and The Park pub were bought by the firm after they were identified as in-keeping with the local spirit of Wear Inns’ pubs, and they have potential for development.

The Managing Director of Wear Inns, John Weir, said: “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.”

David Colclough, Investment Director at BGF commented: “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.”

This was posted in Bdaily's Members' News section by Miranda Dobson .