Pubmaster back in the Wolves hunt

By JIM ARMITAGE
Updated:

 

PUBMASTER is back in the running for Wolverhampton & Dudley Breweries after winning financial backing from Royal Bank of Scotland for an offer valued at about £470m.

The group, led by chief executive John Sands, ran into trouble with its bid plans earlier in the month when main backer WestLB pulled out because of a conflict of interest with likely rival bidder Robert Breare. The two likely bidders must lodge their offers by Friday.

RBS and two other banks are expected to provide debt facilities to fund Pubmaster's offer although final arrangements are still being hammered out. Pubmaster is thought to be seeking more up-to-date information on trading from Wolves before lodging its offer.

Robert Breare, whose Noble House pubs group has been considering an offer for eight months, will put up a chunk of the equity in its bid but the offer will be led by venture capitalist Botts & Co, with debt financing mainly from CSFB.

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