Wed, 19 Jan 2022 | BUSINESS SALE
Welsh brewer SA Brain is reportedly close to selling a portfolio of approximately 100 pubs to a consortium of private equity firms in a deal worth around £100 million. If completed, the sale would represent another significant transaction in the ongoing boom of pub sector M&A.
According to reports, SA Brain is said to be close to agreeing a deal to sell the portfolio of Welsh pubs to a consortium comprised of Song Capital and former Admiral Taverns owner Cerberus Capital. It is thought that a transaction could be completed in the coming days.
The sale comes after a turbulent period for SA Brain and the wider pub sector. In March 2020, the firm announced plans to sell 40 non-core pubs as part of a three-year strategy to futureproof the business and navigate an uncertain climate amid the then-ongoing Brexit process and rising costs.
In December 2020, after the hospitality sector had been devastated by the impact of the COVID-19 pandemic, SA Brain struck a deal for pub company Marston’s to operate 141 of its pubs in a mix of both leased and management contracts.
Finally, in October 2021, SA Brain announced that it was looking to sell a portfolio of 99 pubs in Wales, with offers of over £87.3 million being sought. Property advisor Avison Young was engaged to sell the portfolio of pubs, largely based in South and West Wales, to a single buyer.
That deal now appears set to complete, with initial reports indicating that Avison Young has struck a deal with the consortium of Song Capital and Cerberus Capital. The portfolio is said to represent “the core” of SA Brain’s pub estate and the potential sale would leave the company as a family-owned brewery operating a small portfolio of pubs.
Should the deal go through, the sale would generate substantial funds for Brain's shareholders, with proceeds reportedly expected to be used to pay company debts.
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