Cains pub sale to Calco collapses
The administrators of Cains Beer Company have placed 26 freehold pubs back on the market after talks with Calco Midlands — the preferred bidder — stalled, M&C Report understands.
PricewaterhouseCoopers (PwC), the administrator, is thought to have held talks with Calco after the little-known pub company that operates more than 100 pubs in the UK outbid its nearest rivals by more than £4m.
However, it is thought that Calco struggled to raise the necessary finance to fund the deal, forcing PwC to re-market the pubs.
The administrator, which has now set a bid deadline of 21 November, may abandon plans to sell the 26 sites as one package.
PwC’s Craig Livesey, who is leading the process, told M&C: “It all depends on what level of offers we receive versus what could be achieved through separate sales. We don’t know at the moment and it is a decision we will have to make after the deadline we have set.”
The development means that there are still some 42 ex-Cains pubs on the market in total.
Calco has been acquisitive in recent times, buying 29 pubs previously operated by Bold Pub Company in August last year, and 33 pubs and clubs run by Northumbria Taverns in March 2006.
The Dusanj brothers, who recently bought back the brewing and canning operations plus 10 pubs, are thought to be interested in buying some of the sites in question.
It is thought that the sites will also appeal to some pub groups such as Marston’s and regional brewers such as Hydes, JW Lees, Robinson’s and Thwaites.
The Morning Advertiser recently revealed that the Dusanj brothers paid £103,750 for the brewing business and that the total deficiency from the administration process currently stood at more than £38m.
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