REG - Manx Financial Group - Acquisition of Additional Shareholding in BSL

Manx FinancialAnnouncement

14/06/2021 07:05

RNS Number : 7107B
  
Manx Financial Group PLC
  
14 June 2021
  
 

 
 
 
FOR IMMEDIATE RELEASE                                                              14th June 2021
 
 
Manx Financial Group PLC (the "Group")
 
Acquisition of Additional Shareholding in Beer Swaps Business 
Solutions Limited
 
 
The Group is pleased to announce that it has increased its shareholding in Beer Swaps Limited ("BSL"), trading as Ninkasi Rentals and Finance (https://ninkasirentals.co.uk/), to 90% for a cash consideration of £0.3 million. The Group acquired 20% of BSL's issued share capital in 2018, and further enlarged its shareholding to 75% in March 2020. The Group retains an option to acquire the remaining shares by February 2025.
 
BSL, formed in 2015 and based in Ledbury, provides both equipment finance, together with rental products, to the increasingly popular and fast-growing UK based craft and micro-brewing sector.  BSL is now one of the largest lessors to this market, owning 221 fermentation vessels and associated equipment, of which 93% of its stock is currently on lease to customers. To fund BSL's further expansion, the Group's banking subsidiary, Conister Bank Limited (the "Bank"), has provided an initial £5.0 million Wholesale Funding Agreement.
 
For the year ended 31 December 2020, BSL reported a turnover of £0.6 million, with net assets standing at £0.2 million.
 
This increase in shareholding continues the Group's strategy of developing the Bank's own network of specialist lenders to resilient market sectors in the UK.
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.
 



For further information, please contact:





Manx Financial Group PLC
Denham Eke, Chief Executive
Tel: +44 (0)1624 694694
 





Beaumont Cornish Limited
Roland Cornish/James Biddle
Tel: +44 (0) 20 7628 3396 





 
Greentarget Limited
Dafina Grapci- Penney
Tel: +44 (0) 203 963 1887




 

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