SA Brain has revealed it is looking to sell the freehold of 99 of its pubs in its latest financial results.
Documents filed with Companies House for the group's financial year to 28 September 2019 detail how an advisor is set to be appointed to oversee the sale, with "significant interest" already generated and "a number" of off-market offers already received.
According to the group's strategic report, its deal with Marston's last year and restructuring provided "relative certainty over the results for the group and the portfolio estate. This enables the group to focus on its strategic outlook of firstly maximise the realisation of cash from the sales of assets in order to repay the bank debt and other financial obligations.
"The directors have sought external advice on the approach and are moving into a process which will see an experienced advisor being appointed to execute the sale of the core 99 group pubs. Significant interest has been generated with a number of off-market offers being received for a number of ‘packages' of assets and single asset sales, a number of which have been moved to Heads of Terms, giving the directors confidence in the ability to fulfil this initial strategic goal."
SA Brain exchanged contracts with Marston's last year to operate 145 of its pubs in Wales after ongoing coronavirus restrictions placed Brains under significant financial pressure. The group has around 200 pubs in total across Wales and the south-west.