Press releases

Legal & General sells Pubs & Brewery Group Liberation

Paul Stanworth

Paul StanworthLegal & General Capital ("LGC") the principal investment arm of Legal & General Group, through LGV Capital, today announced it has agreed terms to sell its majority interest in The Liberation Group ("Liberation") to Caledonia Investments PLC ("Caledonia") in a transaction valuing the whole of the Company at £118 million. Liberation is held principally on behalf of the with-profits fund for customers.

Completion is expected over the course of the summer, and Caledonia is backing the existing management team.

Legal & General Capital focuses its investments in four key sectors: UK Housing, UK Urban Regeneration, Clean Energy and SME Finance. These reflect its aim to invest for the long term in economically and socially useful assets, securing competitive returns for Legal & General, its partners and customers.

The good stewardship of assets includes the ability to nurture and develop a business, as well as disposal at the appropriate time, recent examples include the sale of Snow + Rock in 2015, and ABI Group in 2016.

Paul Stanworth, Managing Director of Legal & General Capital (photo, top right) said: "Liberation has been a high quality investment for Legal & General, shareholders and customers. An excellent management team has delivered growth, enhanced local communities in the Channel Islands and the West Country through job creation and investment."

Liberation’s CEO, Mark Crowther said: "I would like to thank Legal & General for their advice and support during the last eight years. We are delighted to have a new partner to provide funds and insight to continue the growth of Liberation where expansion will be focused on the buy-and-build strategy in the UK whilst simultaneously growing and developing our business in the Channel Islands."

Liberation, founded in 2008 through a management buy-in led by Mark Crowther with equity provided by LGV Capital, owns and operates a fully integrated pub and drinks business located in the Channel Islands and the West Country in the UK. Its business comprises 94 high quality managed and tenanted pubs, two award-winning breweries and three wholesale businesses. The breweries are located in Jersey and Bristol.

Liberation, with support from Legal & General, has grown strongly since 2008. During that time, the pub estate has increased from 65 to 94 outlets, and management has launched the Liberation Ale brand in the Channel Islands, where it is the market-leading brewer, wholesaler and pub operator.

In December 2014, Liberation acquired the Butcombe Brewery and pubs business located near Bristol as a platform for expansion in the UK. Butcombe owns 20 pubs in the West Country in village and suburban locations. Butcombe Bitter is one of the leading cask ale brands in the West Country, available in supermarkets and on draught in the on-trade.


For more information please contact:

Richard King

Richard King
Head of Group Corporate Communications

t: +44 (0) 2031 242095
m: +44 (0) 7515 324001

John Godfrey

John Godfrey
Group Corporate Affairs Director

t: +44 (0) 2031 242090



Legal & General Group Plc:

Established in 1836, Legal & General is a leading provider of insurance, savings and investment management products in the UK. The Group has a market capitalisation of £10.5bn (as at 04 July 2016) and is responsible for investing £746bn worldwide (as at 31 December 2015) on behalf of investors, policyholders and shareholders. Legal & General has over seven million customers in the UK for life assurance, pensions, investments and general insurance plans and over one million customers in the US who rely on us for life assurance. In 2015, Legal & General's operating profit (on the IFRS basis) was £1,455m and adjusted earnings per share were 18.58p for the period, an increase of 14% and 11% respectively.

For more information on Legal & General, please see

Legal & General Capital:

Legal & General Capital (LGC) focuses on direct investments in four key sectors: UK Housing, UK Urban Regeneration, SME finance and Clean Energy. These reflect our aim to invest for the long term in economically and socially useful assets, to secure competitive returns and to create new asset classes for Legal & General’s varied investment requirements, for our partners and for the wider marketplace. We work closely alongside other businesses within Legal & General to ensure the broadest range of skillsets are deployed on any project and to utilise principal investment and asset management synergies across the Group. Investments to date have included CALA Homes (housebuilding), Media City/Salford (urban regeneration), Pemberton (SME finance) and NTR (clean energy).

LGV Capital was advised by Sapient Corporate Finance.


This announcement may contain certain forward-looking statements relating to Legal & General, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature, forward-looking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal & General’s control, including, among others, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of competition, the timing impact of these events and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General’s actual future condition, performance and results may differ materially from the plans, goals and expectations set out in these forward-looking statements and persons reading this announcement should not place reliance on forward-looking statements. These forward-looking statements are made only as at the date on which such statements are made and Legal & General Group Plc does not undertake to update forward-looking statements contained in this announcement or any other forward-looking statement it may make.