Weetabix family heir calls time on stake in Amber Taverns

The heir to the former Weetabix family has sold his interest in the pub operator Amber Taverns to a private equity firm for an undisclosed amount.
Michael George has sold his stake to Epiris after backing a management buyout of the business in 2014.
George founded the private equity firm MxP Partners as a family office following the sale of his family’s controlling stake in Weetabix to Lion Capital, the US buyout firm, for £642 million in 2003.
He was a founding shareholder of Amber Taverns when it was set up by James Baer, the company’s chief executive, in 2005, and his firm MxP supported Baer’s management buyout of the business from Legal & General in 2014 in a deal worth £80 million.
Amber Taverns had 95 sites at the time and now runs 178 freehold pubs in the north of England, the midlands, Scotland and Wales. Amber Taverns has now been acquired by Epiris Fund III from selling shareholders including George.
Ian Wood, partner and head of the investment team at Epiris, 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.”
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.”