Wolverhampton& Dudley Breweries PLC
2 June 2000
THE WOLVERHAMPTON & DUDLEY BREWERIES, PLC
The Wolverhampton & Dudley Breweries plc (W&DB) announces the sale of 174 pubs
to InnSpired Limited, an independent pub-operator funded by Alchemy Partners.
The pubs - all tenanted - are spread over the Midlands, North West and North
East and are surplus to W&DB's requirements following the acquisition in 1999
of Marston Thompson & Evershed plc and The Mansfield Brewery Company plc.
The total consideration is £28.25m of which £27.5m is payable in cash. The
book value of the assets is £26.290m. Profits attributable to the outlets are
estimated at £3.02m before central overheads; these figures are based on the
management accounts of the acquired companies.
Net proceeds will be used by W&DB to reduce borrowings.
David Thompson, Managing Director of W&DB, commented: 'This disposal is in
line with our strategy to improve the quality of our estate. We are pleased
to have achieved good value with this portfolio.'
The Wolverhampton & Dudley Breweries, PLC Hudson Sandler
David Thompson, Managing Director Keith Hann / Andrew Hayes /
Tel: 01902 329517 Justin Strong
Tel: 020 7796 4133