Penta Capital, a Glasgow-based private equity fund manager, has acquired a controlling stake in Geronimo Inns by investing up to £10 million into the pub chain. Barclays Bank is also funding up to £14.5 million in the deal. The money raised will finance growth and acquisitions.

Geronimo is looking to double in size during the next three years by acquiring freehold and leasehold pubs in London, the Southeast and at sites such as airports and train stations. The company’s business plan envisages a three-year increase in sales from £14 million to £30 million between June 2007-2010.

London-based Geromino, which was founded by shareholders Rupert and Joanna Clevely in 1995, runs 15 pubs. Its management team includes chairman Chris Hutt, finance director Polly Dyson, operations director Alf France and commercial director Ed Turner.

Chief executive Rupert Clevely says: ‘Our mission has always been to create a high quality estate of pubs serving great food. This partnership with Penta and Barclays will allow us to accelerate our growth.’

PC Hansen & Co was financial adviser to Geronimo, while Livingstone Guarantee was financial adviser to Penta.