Tuesday 03 March 2020

3 March 2020 - UK-based Conister Bank Ltd. is exercising an option to acquire the remaining 75% shares of Beer Swaps Ltd. (BSL), trading as UK-based equipment finance and rental produces provider Ninkasi Brewkit Rentals serving UK craft and microbreweries, the company said.

Conister, a wholly owned subsidiary of Manx Financial Group PLC, acquired 20% of the issued capital of Beer Swaps Ltd. in 2018 under an agreement that included an option to acquire remaining shares by 2021.

Conister is acquiring further shares in BSL for a cash consideration of approximately GBP 0.5m (USD 0.64m). 

Conister will simplify the capital structure of BSL by repaying all director loans, being GBP 0.1m (USD 0.13m) and all issued preference shares, being GBP 0.2m (USD 0.25m), as part of the Transaction.

For the year ended 31 March 2019, BSL reported turnover of GBP 0.4m (USD 0.51m) and a profit before tax of GBP 0.1m (USD 0.13m) with net assets of GBP 0.2m (USD 0.25m).
 
The transaction has been approved by the Isle of Man Financial Services Authority.
 
This further acquisition strengthens Conister's strategy of developing a network of niche loan brokers within the UK.

BSL has developed an impressive customer base within the brewing industry with a considerable potential for further expansion by offering flexible hire and equipment purchase terms.