St Austell Brewery Secures £40 Million Refinancing Deal
British regional brewer and pub operator St Austell Brewery has secured a new £40 million refinancing package with Royal Bank of Scotland and Barclays Bank. The Cornish brewer will use the new banking facility to explore further growth opportunities.
Focused primarily on the south west of England, the firm is keen to expand its pub estate. The refinance package will also enable St Austell Brewery to invest in its existing estate of 174 pubs and brewing facilities, while looking to develop new products to complement its award-winning portfolio of beers and ales.
Founded in 1851, St Austell Brewery has an annual turnover approaching £100 million and employs 1,000 people. “We benefit from a strong independent, customer-focused business model and see further opportunities to grow our presence in prime south west markets,” says Colin Stratton, finance director of St Austell Brewery.
Royal Bank of Scotland supplied a £10 million term loan as well as a £12.5 million revolving credit facility while Barclays Bank provided a £12.5 million revolving credit facility and working capital facilities of £5 million.
