Sale set to secure future of Cains brewery

LIVERPOOL brewer Cains is expected to have its future secured next week as admini-strators move closer to completing the sale.

But at least one bidder is known to have withdrawn a “significant” offer after losing patience with former owners, the Dusanj brothers.

It is thought the duo, who were forced to relinquish con-trol of the company in August after six years, are now in advanced talks with Price-waterhouseCoopers to regain ownership.

Sudarghara and Ajmail Dusanj demanded £24m to sell their related interests held in companies outside of the ones that are being operated by administrators.

Glasgow-based management and investment group Market-ing Management Services International (MMSI), which owns a micro-brewery on the Isle of Arran, held detailed discussions about buying Cains before pulling out.

MMSI managing director Gerald Michaluk said last night that the situation was “a quagmire”.

He said: “We had put in an offer based on what we be-lieved were the assets but when we got into detail, it wasn’t what we thought. There were issues with who owned the brewery and the fixtures and fittings. There were sufficient doubts for us to be concerned.”

The brothers’ ownership of the brewery freehold has had an impact on potential own-ers. A lease clause sets the rent for the brewery and asso-ciated properties at £1m for other owners, which doubles the current rate.

However the Dusanj brothers also sought to make a clean-break agree-ment with potential new owners outside of the administration process.

“I asked them if we could buy their interest in the buildings and so on,” said Mr Michaluk. “The Dusanj brothers said everything was for sale at a price, which they said was £24m for a small number of pubs and the brewery itself.”

Joint administrators David Chubb, Ian Green and Craig Livesey received 50 expres-sions of interest, from firms and individuals whose inter-est ranged from the whole business to individual pubs.

A PwC spokesperson said: “Administrators are in advan-ced discussions with a party as to the possible sale of the business and hope a sale will be completed next week.”

Cains Beer Company, which was made up of the Toxteth brewery and 109 pubs, went into adminis-tration after its bankers, Bank of Scotland Corpor-ate, refused to support the brothers’ rescue package.

Ajmail and Sudarghara Dusanj were not available for comment yesterday.

alex.turner

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