Liberum acts as Financial Adviser, Joint Rule 3 Adviser, Broker and NOMAD on a recommended cash and share offer for The City Pub Group plc by Young & Co.’s Brewery plc

We are pleased to announce that Liberum is acting as Financial Adviser, Joint Rule 3 Adviser, Corporate Broker and NOMAD on the recommended cash and share offer for The City Pub Group plc (“The City Pub Group” or “City Pubs”) by Young & Co.’s Brewery, plc (“Young’s”) for £162m which was announced and is conditional on shareholder and other approvals.

City Pub Group

The City Pub Group, which was founded by Clive Watson (the Executive Chairman of City Pub Group) in 2011, owns and operates an estate of premium pubs across southern England and Wales. The City Pub Group shares were admitted to trading on AIM in November 2017, at which time City Pubs owned and managed a portfolio of 34 premium pubs. Since then, the Company has grown both organically and by acquisition, acquiring high quality, predominantly freehold and predominately wet-led pubs, complemented by a strong food proposition.

There is a strong strategic rationale in Young’s acquiring City Pubs and advantages to the Company of being part of a larger, highly complementary and well-regarded group. It is anticipated that the combination of City Pubs and Young’s, a business with a long established and strong culture and an approach the Company has long admired, represents a significant opportunity to accelerate Young’s’ existing growth strategy and to create value for all stakeholders of the enlarged group.

Liberum helped City Pub list on AiM in 2017 and has acted as broker and NOMAD since IPO.

The offer for City Pubs is at a premium of 46% to the share price the day before the offer and comprises 75% in cash and 25% in Young’s  Class A shares.

The transaction is conditional on shareholder and other approvals and is anticipated to close in Q1 2024.

Liberum Team 

Corporate Broking – Chris Clarke, Ed Thomas, Kane Collings

M&A – Mark Harrison

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