Acquisition of Additional Shareholding in BSL

RNS Number : 7107B

Manx Financial Group PLC

14 June 2021

 

FOR IMMEDIATE RELEASE          14^th 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: [phone]

Beaumont Cornish Limited Roland Cornish/James Biddle Tel: [phone]

Greentarget Limited Dafina Grapci- Penney Tel: [phone]

 

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