Cains Beer Company's bankers withdraw support

01 August 2008 by
Cains Beer Company's bankers withdraw support

Shares in Liverpool-based brewer and pub operator Cains Beer Company have been suspended after its financial backers withdrew their support.

Cains had been in negotiations with Bank of Scotland since it announced on Monday a £4.5m loss for the six months ending 28 April.

The directors believed that Cains would be able to reach agreement with Bank of Scotland regarding appropriate levels of funding, but said there was a "material uncertainty" about its ability to continue as a going concern.

As a result the board of Cains requested the suspension and said they would make further statements "as appropriate".

On Wednesday it emerged that the Dusamj family, the backers behind Merseyside brewer and pub operator, would look to convert £2.56m worth of loans they made to the company last year into new shares.

Cains Beer Company was formed in May 2007 when Robert Cain & Co Brewery entered into a reverse takeover of 100 strong pub estate Honeycombe Leisure.

Its pubs employ 900 people with a further 100 staff working in the Liverpool brewery.

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By Christopher Walton

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