Manx Financial ups stake in brewing rental and finance firm
Manx Financial Group has increased its shareholding in Beer Swaps Limited (BSL), trading as Ninkasi Rentals and Finance, to 90%, it announced on Monday, for £0.3m cash.
The AIM-traded firm acquired 20% of BSL's issued share capital in 2018, and further enlarged its shareholding to 75% in March 2020.
It said it retained an option to acquire the remaining shares by February 2025.
The company said Ledbury-based BSL provides both equipment finance and 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,” the Manx board said in its statement.
“To fund BSL's further expansion, the group's banking subsidiary Conister Bank has provided an initial £5m wholesale funding agreement.”
For the year ended 31 December, BSL reported a turnover of £0.6m, with net assets of £0.2m.
“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,” the directors added.
At 0808 BST, shares in Mznx Financial Group were up 6.12% at 8.49p.