Celtic Inns finds new venture capitalists for further growth
23 November 2004 by Angela Frewin
Celtic Inns, the 55-strong Wales-based pub chain, has agreed a £26m buyout by venture capitalist Sand Aire Private Equity to fuel its expansion.
Celtic Inns owns 50 mainly tenanted pubs in south and west Wales, and five more in Kent, London and Bristol.
"We have switched venture capitalists to give us a bigger war chest for acquisitions," said managing director Duncan Murray. Celtic aims to grow the business to 100 outlets in the next three years.
Celtic Inns will focus growth on tenanted pubs in south-west England, although other areas will be considered if the tranche of pubs is large enough to justify a regional manager.
Sand Aire is expected to offload its share within three to five years.
