Caledonia-backed Liberation acquires Wadworth pub portfolio

Liberation expects to complete the acquisition in early December and will finance the transaction by way of a "substantial" new equity investment from Caledonia Private Capital.

The acquisition will be made through Liberation’s subsidiary Butcombe Brewery. Liberation will incorporate the acquired sites, and associated employees, into Butcombe’s existing 39-pub portfolio and intends to invest further capital into many of the businesses to support future growth.

Despite substantial headwinds from the coronavirus crisis, this has not impacted the strategic ambition for Liberation or the strength of customer demand, according to a statement.

LGV Capital sold UK pub operator Liberation Group to Caledonia Investments in a deal valuing the business at £118m in 2016. Caledonia announced it would invest £70.6m in equity in exchange for a 98% stake in Liberation, while the business's management team would invest £1.4m. The transaction was to be supported by a £51m debt package from an undisclosed provider.

Company
Founded in 1875, Devizes-based Wadworth is selling 21 pubs based in Somerset, Bristol, Gloucestershire, Wiltshire, Dorset, Hampshire, Oxfordshire, Surrey, Berkshire and Worcestershire.

People
Caledonia Private Capital – Duncan Johnson (head).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• United Kingdom
• Buy-and-build
• Build-up
• Caledonia Investments