- Manx Financial Group has increased its shareholding in Beer Swaps Limited (BSL), trading as Ninkasi Rentals and Finance, to 90% for a cash consideration of £0.3 million.

The group acquired 20% of BSL's issued share capital in 2018, and further enlarged its shareholding to 75% in March 2020. The group retains an option to acquire the remaining shares by February 2025.

BSL, formed in 2015 and based in Ledbury, provides equipment finance and rental products to the increasingly popular and fast-growing UK-based craft and micro-brewing sector. It owns 221 fermentation vessels and associated equipment, of which 93% of its stock is currently on lease to customers.

To fund BSL's further expansion, the group's banking subsidiary, Conister Bank Limited, has provided an initial £5.0 million Wholesale Funding Agreement.

For the year ended 31 December 2020, BSL reported a turnover of £0.6 million, with net assets standing at £0.2 million.

Story provided by