BGF and NVM sell Wear Inns to Aprirose

The sale comes 12 years after NVM first supported Wear Inns and six years after BGF and NVM took part in a joint funding round for the business.

Unquote understands that the latest transaction values the business at £22.4m.

Under the vendors' tenure, the business has expanded its portfolio of pubs, which has increased to 25 from 15 at the time of the joint investment.

Wear Inns generated a turnover of £14.2m in the year ending in March 2017, according to publicly available documents, up from £7.3m at the time of the joint BGF and NVM deal.

Previous funding
NVM invested in Wear Inns at the time of its inception in 2006.

The firm then took part in a £10m follow-on funding round for the company alongside BGF in 2012, with BGF investing £8m and NVM providing the remaining £2m. Following the deal, NVM had £6.2m of capital invested in the business.

Company
Established in 2006 and headquartered in Castle Eden, County Durham, Wear Inns buys and manages freehold community pubs across the north east and Yorkshire. The company employs 175 staff and generated an operating profit on ordinary activities before taxation of £1.5m, according to the aforementioned results.

People
BGF – Barry Jackson (investor).
NVM Private Equity – Karl Cockwill (portfolio manager).
Wear Inns – Simon Duckworth (managing director).

Advisers
Vendors – PwC, Paul Mankin (corporate finance).

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• Topics
• Exits
• UK / Ireland
• Consumer
• United Kingdom
• BGF (Business Growth Fund)
• NVM Private Equity
• PwC