Close Bros sells brewery rentals unit for undisclosed sum

(Sharecast News) - Close Brothers said it has reached a deal to sell Close Brewery Rentals to MML Capital for an undisclosed sum as it moves to simplify its portfolio. Established in 2007, CBRL provides rental and maintenance services for brewery containers such as kegs and casks in the UK.

The agreed sale is expected to generate a modest gain on disposal and capital benefit. Following completion, the disposal is not expected to have a material ongoing impact on the group's adjusted operating profit, Close Brothers said.

It added that it would remain a key specialist lender in the beverage finance market and would continue to provide finance solutions for brewery and distillery equipment.

"The group sees attractive growth opportunities in this sector and will continue to support it through Close Brothers Beverage Finance, a lending business with a loan book of c.£35m at 31 January 2025," it said on Tuesday.

Reporting by Frank Prenesti for Sharecast.com