UK: Brothers buy back Cains brewery
UK brewer Cains has been bought back by its previous owners, the Dusanj brothers, one month after collapsing into administration.
The brothers, Sudarghara and Ajmail Dusanj, this week re-gained control of the group's Liverpool brewery and nine of its pubs, administrator PricewaterhouseCoopers (PwC) announced yesterday afternoon (22 September).
Cains, which has been brewing beer in Liverpool since 1850, fell into bankruptcy in August this year, after failing to secure financial support for debts believed to have reached around GBP35m.
Financial details of the brothers' buy-back, which only includes a small portion of the 100-strong Cains pub estate, were not disclosed.
Craig Livesey, joint administrator and director at PwC LLP, said: "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".
PwC said Cains' remaining pub estate would be sold off separately. One source close to the situation told just-drinks in August that administators had been inundated with expressions of interest in different parts of Cains' business.
Cains suffered a GBP4.6m loss in the six months to the end of April, although sales continued to rise during the period.
Sectors: Beer & cider
- American whiskey does a vodka - Analysis
- Are we about to see a no-alcohol Heineken?
- Battle continues for Pernod Ricard in US and China
- A-B InBev's Global Presence - just The Facts
- Concha y Toro's H1 performance - Focus
- Heineken integrates cider and beer
- “New normal” sees Pernod target premium in China
- Diageo strengthens Charmer Sunbelt distribution
- Pernod Ricard keen to stem Absolut US declines
- Minimum unit pricing fails to get European backing
- Future growth opportunities for global spirits
- Global gin insights - market data, product innovation and consumer trends research
- Global rum insights - market forecasts, product innovation and consumer trends research
- Pernod Ricard SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investment Report
- Brown-Forman Corporation (BFB) - Financial and Strategic SWOT Analysis Review