Three prominent regional brewer/pub operators have said they are considering their options following news that Plus Markets, the London-based stock exchange, is likely to close after failing to attract a buyer.
Plus Markets Group, which was put up for sale in February, said it would wind down the service over a six month period. However, there is hope that Plus could be preserved, with the world’s largest interdealer broker by market capitalisation, ICAP, reportedly in talks to buy Plus and preserve its services.
Shepherd Neame, Daniel Thwaites, and Adnams are among the companies listed on Plus. Thwaites chief executive Richard Bailey told M&C Report: “There are a number of routes we could go down and we are exploring them at the moment.”
Bailey said Thwaites is looking at the “pros and cons” of listing on AIM, which is currently used by restaurant operators including Prezzo, The Restaurant Group and Tasty.
Other options include Sharemark, an auction service that matches buyers with sellers.
“The other route would be to do it internally. I don’t think that’s very attractive,” Bailey added. “We’ve got a bit of time to consider these options and see if any others arrive.”
Bailey said Plus has “worked well” for Thwaites, which has been listed on the exchange for over 10 years. He called for more information on the timetable for its closure before pursuing alternatives.
In a statement, Adnams said it is making “a wide range of enquiries to ensure that its shareholders can continue to trade its shares in a transparent and cost effective way”.
Shepherd Neame said: “We have been conscious that [the closure of Plus] was a possibility and have therefore been considering a number of options to ensure shareholders have the ability to continue to trade shares with the appropriate level of transparency and disclosure.”
In April, Plus Markets Group said it had received indicative proposals for acquisition from a “number of parties”. However, none led to a sale. Plus said its activities “will be wound down over a period of up to six months in order to minimise market disruption”.
