Geldards Advise on Support for Brains

Geldards have advised Lloyds TSB Bank plc on a £20m revolving credit facility to S.A. Brain & Company Limited, the manufacturer and retailer of Wales’ (probably) most famous drink.

Cardiff based brewer S.A.Brain plans to expand its chain of pubs and restaurants through acquisitions. Still owned by the descendants of the founders that took over a fledgling brewery in a small stone building behind a Cardiff pub in 1882, Brains operates 270 pubs, bars and hotels across Wales and the West of England.

The cash will help the company to take advantage of what it sees as a stabilising pub market, and increase its portfolio of “quality eating and drinking establishments”.
Brains finance director Martin Reed said “We believe the pub market is starting to regain its footing and now is an opportune time to look at acquiring some new quality outlets that offer us long term sustainable growth.”

Lloyds TSB relationship director Paul Williams said “The forward-looking approach of the team at Brains means the business is well-placed to take advantage of new opportunities, and we’re very pleased to be able to support them.”

Geldards Banking Partner Karl Baranski, assisted by solicitor David Rothera, provided legal advice to Lloyds TSB Bank plc in relation to the provision of the new facility to Brains.