UK: W&D looking for acquisitions in 2004
Wolverhampton & Dudley Breweries is looking to make acquisitions going forward. The company, which currently owns around 1,600 pubs, said yesterday that it has £150m (US$273m) free to buy more pubs after first-half trading met expectations.
In an interview, chief executive Ralph Findlay said that the extra finance, coming from the company's debt re-financing, could "give us the scope to make acquisitions up to £150m, and we could raise more given our relatively low debt gearing."
Although Findlay would not reveal further details about targets, Deutsche Bank's 620-strong Laurel Pub Company may come on the market this summer, while Eldridge Pope, which W&D approached last year, may also be an option.
In a trading update earlier this week, the group said that its 1,150 leased and tenanted pubs saw like-for-like sales up by 5.2% in the 25 week period to 20 March. Trading in its beer business was described satisfactory.
- Focus - Edrington's FY Performance by Brand
- Where Beer is Brewed Can Leave a Bad Taste
- Analysis - Storm clouds lift over Diageo Towers
- Pernod relies on Indian whiskey to crack Africa
- Analysis - Cider's Campaign Gains
- Former Bacardi exec takes De Kuyper CEO role
- Diageo lining up Gleneagles sale - report
- Diageo CFO Mahlan to head up N America
- Edrington posts FY profits drop
- TWE, Pernod hail China-Aus FTA
- Global liqueurs insights - market forecasts, product innovation and consumer trends research
- The IWSR Company Profile 2014 – Remy Cointreau
- Diageo plc (DGE) - Financial and Strategic SWOT Analysis Review
- Edrington Group in Spirits (World)
- Global Tequila insights - market forecasts, product innovation and consumer trends research