Brakspear agrees 106million pound sale

21-Nov-2006

Related topics: Company & City News, Drinks & Brands News

Brakspear has agreed a £106million bid from the JT Davies Group.

Brakspear agrees 106million pound sale

Brakspear has agreed a £106million takeover bid from the JT Davies Group.

 

Brakspear said its independent directors intend to unanimously recommend the 915 pence per share offer.

 

Michael Davies, chairman and managing director of JT Davies, which owns 51 tenanted pubs in London and the south-east, said: "The enlarged business will benefit from a quality estate of predominantly freehold pubs and the strong relationships with both tenants and suppliers built up over many years."

 

Brakspear's management team has been invited to stay on.

 

Thames Valley and Chiltern-based Brakspear operates 104 tenanted pubs, of which 102 are freehold and 2 leasehold.

 

A Brakspear spokesperson said: "Brakspear branding of its pubs will remain and JT Davies will be re-branding its 51 pubs as Brakspear."

 

She added JT Davies' wine business Mayor Sworder will supply the enlarged pub estate, while Wychwood, which acquired Brakspear's brewing operations in 2004, will continue to brew Brakspear brands.

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