Member Article

£8m refinancing agreement supports North East pub operator’s growth plans

Durham-based Wear Inns Ltd has secured a new £8m refinancing agreement with NatWest’s Structured Finance team to support its business growth aspirations.

The pub operator holds a portfolio of 26 public houses in the North East of England and Yorkshire, which consists predominantly of wet led and community outlets.

Founded by local entrepreneurs John Weir (CEO) and John Sands (Chairman), with support from NVM Private Equity and latterly the Business Growth Fund, Wear Inns has grown via acquisitions since inception in 2005 and last published annual turnover was £13 million with similar results expected for this year.

The funding arrangement includes new facilities to accommodate investment and funding for future acquisitions. Wear Inns has been a NatWest customer since 2005

Simon Duckworth, Finance Director at Wear Inns, said: “We will be making acquisitions in the North East and Yorkshire regions which will enhance our portfolio of customer-focused pubs.

“We have developed a strong relationship with NatWest and know we can depend on the bank’s ability to come up with pro-active and innovative funding solutions which meet our business needs.”

Liam Glennon, NatWest Director of Structured Finance North, said: “We were delighted to support Wear Inns on this latest funding arrangement which will accommodate the company’s growth plans. It’s an exciting time for Wear Inns and we wish them every success for the future.”

The deal was also supported by NatWest Relationship Director Michael Cross.

He said: “Wear Inns is strong leisure business which continues to grow and thrive. The directors have a clear vision for the future and I was delighted to support the company in achieving its business aspirations.”