Liberation

The Liberation Group is an integrated pub and brewing business with two breweries and three distribution businesses. It is the largest pub group in the Channel Islands and has a growing presence in the South-West of the UK, operating under the Butcombe brand.

Investment thesis

Organic like-for-like growth with favourable cash flow dynamics supporting payment of a growing dividend yield;
Targeted, high ROCE, development capital investment in the existing portfolio; and
Acquisition of small, high quality pub estates in and around the South-West of the UK.

Type of investment

Secondary buy-out

Initial equity investment

£71m

Case studies

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Liberation

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