The c170-strong community pub operator further announced all of its recently opened sites performed ahead of expectations, underpinning its confidence in the robustness of its model with well-invested sites, a value offer, and motivated operators.
The group is targeting 185 sites by the end of 2024 and is due to open its 166th site in Cleethorpes, Northeast Lincolnshire, in February. It has also recently completed on another four sites in Derby and Bridgend, as well as Airdrie and Motherwell in Scotland – locations where the company is not yet represented.
In addition to ongoing organic investment in the existing estate, it continues to build a pipeline with the goal of adding c15 new pubs to the portfolio each year.
Amber has consistently achieved historic high returns of more than 20% on new freehold acquisitions and has a number of target towns within its existing geography to continue to expand its footprint.
Its portfolio is located across the Northeast, Northwest, Midlands, Wales, and Scotland.
The group is focused on its hybrid ‘operator-managed’ business model and entirely wet-led pubs, which enables it to provide value for money and a tailored wet-led offer with a pint for as little as £2.50, along with sport and live entertainment.
Amber Taverns chief executive James Baer commented: “This is an excellent performance which, once again, demonstrates the ongoing appeal of well run, wet-led community pubs, generating sustainable growth in the growing number of geographies in which we operate. Amber goes from strength to strength as we continue to see attractive opportunities in a wide variety of locations.
"Targeting a total of 15 new pubs this year, we are on track to have a portfolio of 185 high quality pubs by the end of 2024, further reinforcing our future growth plans for the current year and beyond.”