Pub operator and brewing group, SA Brain has agreed an £85m finance package with two banks to upgrade its pubs and expand its Coffee#1 chain of coffee shops.
The funding has been jointly provided by Lloyds Bank Commercial Banking and HSBC Corporate Banking and constitutes a refinancing of the firm’s existing debt.
It also provides the necessary resources for investment in Brains' portfolio of 231 pubs and an accelerated roll-out of the award-winning Coffee#1 chain.
A large scale investment programme in modernisation and improvement of Brains’ estate of both managed and leased and tenanted pubs is planned.
Coffee#1 was established in Cardiff in 2001, was acquired by SA Brains in 2011, and now operates 57 coffee shops.
SA Brains has an annual turnover of £123m and employs over 2,000 staff.