Amber Taverns acquired by Epiris

Epiris has announced its Epiris Fund III, advised by Epiris LLP, has agreed to acquire Amber.

Although the financial terms have not been disclosed, the group said this is Fund III’s fifth investment, following Delinian, LoneStar, Pure Cremation and GSF Car Parts.

Amber’s sites lie predominantly in the north of England, the Midlands, Scotland and Wales.

“Comprising well-invested, contemporary pubs at the heart of their communities, Amber’s portfolio is uniquely focused on the hybrid ‘operator-managed’ business model,” Epiris said.

Next growth phase​

Epiris said Amber was founded in 2005 by CEO James Baer and has grown by offering its customers value for money across a broad range of leading drinks brands, served in the highest-quality environment, with a focus on premium live sports coverage and other entertainment such as live music, karaoke and sports such as interactive darts.

Baer said: “We are excited to enter the next growth phase in partnership with Epiris, who invested the time and effort to understand our business and what makes an Amber pub. We are confident that they can support us in our ambitious expansion plans.

“Epiris’s investment further demonstrates that a well-invested pub focused on serving its local community is a resilient and relevant business model, and it is a vote of confidence not just in Amber but in the sector as a whole.”

Among the selling shareholders is Michael George of the mid-market private equity firm MxP, who is also a founding shareholder of Amber Taverns.

Focus on value and service​

Ian Wood, partner and head of the investment team at Epiris – which also runs restaurant-bar brands Filling Station and Coast to Coast – 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.”

Epiris managing partner Bill Priestley added: “We are delighted to have the opportunity to work with James and his team to execute a strategy of investment and growth that will build on the fantastic platform they have created.”

The Epiris team on the Amber investment is Ian Wood, Aaron Atwal and Scott Forbes. Epiris was advised by Sapient Corporate Finance, Macfarlanes, CBRE and PwC. Financing is being provided by Alpha Real and Ares Management funds.

Amber Taverns was advised by Rothschild & Co, DLA Piper, Savills and Alvarez & Marsal.