That represents an internal rate of return of 35 per cent.

Beringea originally invested £1.3 million in the purpose-built vehicle three years ago alongside a syndicate of fellow VCT fund managers Artemis, Unicorn and Electra Kingsway. Beringea’s Trevor Hope sat on Nectar’s board.

‘Nectar has made significant progress since we created the company three years ago,’ said Hope. AIM-quoted Honeycombe Leisure manages the 29 pubs that Nectar owns. The company has the freehold of all but one of these outlets, based in the North West.