YOUNG’S NEWS
The sale of all but seven of Young’s tenanted pubs to Punch Pubs & Co was duly completed. These were the pubs that traded under the Ram Pub Company name. A list of all of the pubs involved can be found on our website here.
The funds for Punch Pub’s purchase came from a £600 million refinancing package which they completed in June. It now brings their estate to over 1,200 pubs. Young’s have indicated that they will be investing some of the £53 million income from the deal in their existing estate and possibly buying new pubs.
Young’s have appointed Aisling Meany, a director of Rothschild & Co and an investment advisor, as a non-executive director. Young’s chairman, Stephen Goodyear, welcomed her, saying, “Aisling has considerable investment banking, capital markets, financial services and strategy experience. My colleagues and I are very much looking forward to working with her.”
ADMIRAL BUY HAWTHORN
After various rumours, Chester based Admiral Taverns has emerged as the new owners of Hawthorn Leisure and its 674 pubs, spread across the UK. The purchase, from New River Retail, was said to have cost £222 million. New River no longer have any involvement in the pub trade. Admiral, a joint venture between the C&C Group (of Magner’s fame) and a private equity firm, Proprium Capital Partners, already owned 969 pubs, many of which are wet-led community pubs. Proprium will be providing some additional capital and the remainder of the funding for the deal will come from borrowing. Admiral’s chief executive, Chris Jowsey, told the Morning Advertiser, “This is one of the biggest acquisitions by Admiral to date and delivers on our strategy to build our estate to 1,500 sustainable pubs. It is a really exciting step forward for the business and we remain committed to the supportive partnership model, which is highly regarded by licensees. Our wet-led, community focused, supportive culture is very much shared by Hawthorn and I’d like to take this opportunity to welcome our new licensees and colleagues to Admiral. The acquisition has allowed us to acquire an excellent portfolio of pubs which we look forward to developing through our award-winning and highly supportive approach.” Hawthorn’s pubs were mostly former Marston’s and Punch Taverns pubs.
REDCAT PUB COMPANY
Rooney Anand’s American equity funded operation has acquired the Coaching Inn Group at a reported price of £60 million. This adds 18 pubs to RedCat’s portfolio. They have also purchased four pubs in the midlands from the Knead Pub Group, together with a few independent pubs. The loss of individually-owned free houses to a pub company is bad news because it reduces outlets for local, independent breweries and consequently choice for customers.
INDA PUBS LTD
I have not so far mentioned this small family owned pub company, founded in 2012. Their ethos, according to their website (https://indapubs.com), is to acquire neighbourhood pubs with hidden character and to refurbish and restore them. There is a strong food offering. Inda have recently opened their seventh pub, the Grade II listed Wilton Arms in Belgravia, which had been closed for two years. Their pubs, quite an eclectic group, are spread across the western half of London. When it opened, the Wilton Arms was serving the revived Allsopp’s beers.
BIG IN JAPAN
BrewDog is taking advantage of its popularity in Japan by setting up a joint venture with Asahi Breweries, the owners of Fuller’s brewery. The venture, in which BrewDog will have a controlling interest, will trade as a separate company to market its best known brands such as Punk IPA, Hazy Jane and Elvis Juice across the country. There is no mention of them brewing in Japan.
BACK IN BLACK
The ‘Low 2 No Bev’ website reports that Guinness 0.0 is back on sale. It was originally released just before last Christmas but was almost immediately withdrawn because, it has since been reported, mould was found in some cans. Parent company Diageo report that ‘additional quality assurance measures’ are now in place. The original launch date was intended to cash in on Dry January. It is presumably being re-released now to similarly benefit from ‘Sober October’. Diageo are taking the ‘low/no’ option seriously. They have also released alcohol-free versions of the Gordon’s and Tanqueray gin brands.
LOVE IT OR HATE IT. . .
On the subject of black substances, it was, I understand, a German scientist called Justus von Liebig who, in the course of a remarkable career, discovered that brewer’s yeast could be made into an edible concentrate. Thus he paved the way for the production of Marmite, which first appeared in 1902. Other yeast based products are available. In a curious turn of events, the Camden Town Brewery, in partnership with the spread’s manufacturers, Unilever, is now producing a Marmite Ale. It is brewed with Pilsner, Munich and smoked Rauch malts and Perle hops which reportedly give it ‘rich and smoky flavours’. The beer went on sale on 13 September and should be available from a number of supermarkets, including Sainsbury’s and Waitrose. There is story that Marmite is banned in UK prisons because it can be used for illegal brewing. Despite its origins as a by-product of the brewing process, it cannot; this is an urban myth.
SCHWARZBIER
Keeping to the theme of things dark, look out for Schwarz Monch which is due to appear in London soon. It is a brand of Schwarzbier, a heavily hopped black lager style beer (5% ABV) from the Swiss Alps with its roots in monastic brewing. It is said to be thirst quenching, best served chilled and very popular with Alpine sports enthusiasts. It is being brewed in the Surrey Hills by the Crafty Brewing Company in Dunsfold.