LONDON: Powder Monkey Group Limited (PMGL:JPJ), today announced 100% acquisition of Castle Eden Brewery Ltd (CEB) and associated Companies for an undisclosed sum.
Andy Burdon, CEO of Powder Monkey Group commented: “Castle Eden Brewery was first established in County Durham in 1826 and has joined PMG after a series of owners after its near 200yr history.
CEB to-date has concentrated on contract brewing. PMG intend to maintain those relationships as well as adding in brewing for their existing product lines and importantly resurrecting the Castle Eden Brewing name throughout the area. This increases focus on the beers that made CEB an important piece of local beer history.”
Cliff Walker Joint Managing Director of CEB added “We’re absolutely delighted to join PMG and look forward to the additional exciting opportunities for growth”
“This has given further reinforcement to the ‘buy and build’ strategy of Powder Monkey and the outlook for significant further growth. With our forthcoming fund raise for both the UK, Australia and regions in between this acquisition adds significant capacity and a broad base for the next acquisitions” added Mike McGeever Chairman of PMG.
