Business
Agreement to sell Close Brewery Rentals Limited
Agreement to sell Close Brewery Rentals Limited.
About this update from Close Brothers Group Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\nClose Brothers announces agreement to sell Close Brewery Rentals Limited \n\n\n\n\n15 July 2025 \n\n\n\n\n\n\n\n\nClose Brothers Group plc (\"the group\" or \"Close Brothers\") today announces that it has reached an agreement to sell Close Brewery Rentals Limited (\"CBRL\") to MML Keystone, a fund managed by MML Capital. The transaction is expected to complete in the 2025 calendar year.\nThe sale aligns with the group's strategic priorities to simplify our portfolio, improve operational efficiency and drive sustainable growth.\nClose Brothers established CBRL in 2007 and has successfully grown it into one of the main providers of rental and maintenance services for brewery containers such as kegs and casks in the United Kingdom.\nThe agreed sale is expected to generate a modest gain on disposal and capital benefit. Following completion, the disposal is not expected to have a material ongoing impact on the group's Adjusted Operating Profit.\nWhilst the group will no longer offer brewery container rental solutions, Close Brothers will remain a key specialist lender in the beverage finance market and will continue to provide finance solutions for brewery and distillery equipment. The group sees attractive growth opportunities in this sector and will continue to support it through Close Brothers Beverage Finance, a lending business with a loan book of c.£35 million at 31 January 2025.\nMike Morgan, Group Chief Executive, said: \"Over the past 18 years, we have successfully grown the brewery rentals business to now serve over 500 breweries in the UK & Ireland. We believe that this is the right time to sell CBRL given the capital needed to maximise its growth potential and our focus on simplifying our business...