Sand Aire Private Equity and RBS Structured Finance have backed the £26 million buy-out of Celtic Inns, the community pub chain based in and Wales and south-west England.

Sand Aire Private Equity and RBS Structured Finance have backed the £26 million buy-out of Celtic Inns, the community pub chain based in and Wales and south-west England.

Says Sand Aire’s Jonathan Slow, ‘the initial funding round is about £14 million, constituting both the consideration and the cash to pay for a few transactions Celtic Inns is working on.’ Longer-term, hints Slow, the company is ‘looking to double [its estate] from 50 to 100 pubs over the next three years or so,’ which is why the provision for further funding tranches has been laid down.

Celtic will continue to be led by managing director Duncan Murray who admits that Sand Aire’s ’emphasis on long-term partnerships’ and ‘ability to fund future expansion were key’ to them clinching the deal after two years of interest.

9/11/04