Dusanj brothers buy back Cains
The Dusanj brothers have regained control of the Cains brewery and nine pubs from administrators.
Cains went in to administration on 7 August after the Bank of Scotland refused to extend its facilities after it announced losses of £4.5m for the six months to 28 April.
The trouble began after Cains undertook a £37m reverse takeover of Honeycombe Leisure in May 2007, which saw Cains acquire 92 pubs, and a listing on the Alternative Investment Market.
The Bank of Scotland provided £40m, of which £30m was a loan facility, £5m in working capital and £5m to fund refurbishment of the pubs.
Ajmail and Sudarghara Dusanj had been widely tipped to acquire the brewery after it was revealed that they still owned the freehold in a separate company along with around 10 freehold pubs. Cains had been paying rent of £500,000 a year on the brewery.
The amount paid has not been disclosed by administrators PricewaterhouseCoopers (PWC).
“After a difficult period of trading for the company in administration, we are pleased that a sale of the business as a going concern has been possible," said PWC's Craig Livesey.
“We believe that this sale gives the best chance for continued employment for the majority of the company’s staff, and also gives suppliers and customers an opportunity of continued business with the brewery.”
Administrators will continue to try and find a buyer for the remaining pubs.
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