SABMiller acquired Londons Meantime Brewery last year

SABMiller acquired London's Meantime Brewery last year

SABMiller's 2016 Annual Report has confirmed the details behind the acquisition of London-based Meantime Brewery.

According to the document, the company paid US$191m for the Meantime business and its assets. When the acquisition was announced in May last year, the brewer declined to reveal financial details.

"In June 2015, the group acquired 100% of Meantime Brewing Co, a modern UK craft brewer, with a brewery in Greenwich, London and a number of retail sites for consideration of US$191m net of cash acquired," the report states.

Since the purchase, Anheuser-Busch InBev's pending takeover of SAB has led to the London brewery being put up for sale, along with SAB's other European brands Grolsch and Peroni, in order to appease competition regulators. In April, AB InBev accepted an offer from Japanese brewing giant Asahi for the three brands.

Elsewhere in SAB's Annual Report, the company revealed that CEO Alan Clark took a 17% pay cut in the 12 months to the end of March. Clark's total remuneration was GBP5.87m ($8.62m), down from GBP7.07m in the year to 31 March 2015.

In a preliminary trading statement, reported last month, the brewer reported a drop in full-year sales and operating profits as currency headwinds and impairment charges in Africa hit the top line. Net sales fell by 10% to $19.8bn in the 12 months to the end of March. The declines followed a one-off charge of $721m due to an impairment on investments in Angola and South Sudan, together with costs associated with the AB InBev takeover.

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