Wear Inns, a Billingham, County Durham, UK-based pub chain, has received a £10m growth investment.
Backers include existing investor NVM Private Equity, which will invest a further £2m in the business, and Business Growth Fund (BGF), which will invest £8m and will take a minority stake in the business.
The investment will enable Wear Inns to acquire further sites over the next few months, creating 40 new jobs, and provide flexibility for further acquisitions thereafter.
Founded in 2006 by local entrepreneurs John Weir (CEO) and John Sands (Chairman), the company focuses on the acquisition and management of freehold community pubs across the North East and Yorkshire.
The estate currently comprises 15 sites, including The Townhouse in Whitley Bay, Millstone in Gosforth, Black Bull in East Boldon, Cross Keys in Washington, Guidepost in Springwell, New Inn in Durham, Priory in York, New Inn in Wetherby, The Sun in Shipley and the Courthouse in Barnsley.
Wear Inns currently employs 175 people.