Business Growth Fund (BGF), a UK-based investment fund backed by banks, has helped pub chain Wear Inns raise £10m ($15.7m).
BGF was joined in the deal by NVM. NVM has backed Wear Inns from start-up and now has £4.2m invested in the business. Wear Inns was founded in 2006 and comprises 15 pub sites.
Wear Inns has net revenues of £7.3m and has had like for like sales growth of 7.2%. It employs 175 people.
Wear Inns was introduced to BGF by accountancy firm PWC. The advisers to the transaction were accountancy firm KPMG, providing vendor due diligence, Watson Burton, advising Wear Inns, law firm Dickinson Dees, advising NVM, and law firm Addelshaw Goddard, advising BGF.