Allen & Overy advises consortium of banks on the financing of Young & Co.’s acquisition of city Pub Group
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Allen & Overy (A&O) has advised a consortium of banks on the refinancing of existing facilities for Young & Co.’s Brewery plc (Young’s) in relation to its recommended takeover of The City Pub Group plc (City Pubs).
The refinancing included a new GBP120 million revolving credit facility (RCF) and a GBP130 million acquisition term facility with funds being used to expand Young’s portfolio of pubs and hotels.
Based in the local communities of the region for over 192 years, the acquisition of its competitor, City Pubs, will boost Young’s estate and cement its position as one of the biggest premium pub operators in the region.
Jane Glancy, partner at Allen & Overy, said: “We were delighted to support the lenders and Young’s on this important transaction. Assembling a cross-practice team to deliver to a tight timescale, in collaboration with other advisors, is where A&O really excels. We look forward to seeing the Young’s group go from strength to strength once this acquisition completes.”
The deal is expected to complete in Q1 2024 subject to shareholder approval and regulatory clearance.
The cross-practice A&O team was led by partner Jane Glancy, with support from senior associate Hugh Mathison, and associates Emin Moskofian, Sarina Johal and trainee Aastha Malhotra. Corporate advice was provided by partner Matthew Hamilton-Foyn and associate Ben Brooks.