Macfarlanes advises Liberation Group on its combination with Cirrus Inns

19 December 2022

Macfarlanes has advised Liberation Group, a PE-backed pub, restaurant and drinks business, on its combination with Cirrus Inns.

Cirrus Inns is a 22 strong premium pub business which trades from Southwest London across to the Cotswolds.

Liberation Group, which was bought by investment firm Caledonia in 2016, has made multiple acquisitions over recent years and following this combination will own over 130 pubs across the Channel Islands and the UK, together with two breweries and three drinks distribution businesses.

In parallel with the transaction, Liberation Group has also agreed new long-term banking facilities with three of its existing lenders, HSBC, Santander and NatWest.

The Macfarlanes team was led by corporate and M&A partners Stephen Drewitt and Nicholas Page, with assistance from senior associate Annie McElwain and associate Francesca Bird.

The team also included finance partners Malcolm Hitching and Kirstie Hutchinson, with assistance from senior associate Jack Bodkin and associate Ranvir Singh. Real estate advice was provided by partner Tom Pedder, with assistance from senior counsel Margaret Rhodes and associate Georgia Krell, and tax expertise was provided by senior counsel Sarah Shucksmith and associate Beth Leggate.

Stephen Drewitt comments: “We acted for Caledonia on their acquisition of Liberation Group in 2016 and for Liberation a number of times since then. This is a fantastic transaction for the business and it was a pleasure to work with Jonathan and the team again.”