Manx Financial Group PLC Acquisition of Additional Shareholding in BSL (7107B)
June 14 2021 - 2:00AM
UK Regulatory
TIDMMFX
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 GBP0.3 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 GBP5.0
million Wholesale Funding Agreement.
For the year ended 31 December 2020, BSL reported a turnover of
GBP0.6 million, with net assets standing at GBP0.2 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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END
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