Weetabix heir backs £80 million MBO of North West’s Amber Taverns

Michael George, of the Weetabix family (who sold the firm to a US private equity group for around £653 million in 2003) has backed the management buyout of Amber Taverns.

MxP Partners, founded by Michael George after the sale of the cerealbrand , bought Amber Taverns from Legal & General Capital in a deal worth £80 million.

BlueBay Asset Management , part of Royal Bank of Canada’s global asset management division provided finance for the transaction.

Amber Taverns, based in Preston, owns and operates 95 pubs across the North and employs around 1,200 people.

David Baer, managing director, told The Yorkshire Post: “We operate in an unloved sector of the market place.

“All pub companies are talking about food as the way forward and there are some great food pubs but what we have done is look at traditional pubs that focus on beer and we invest in the sites and provide great value for money on a consistent basis.”