Beermaker Raises Loan From Insurer as Banks Retreat: U.K. Credit
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When Anthony Woodhouse needed to refinance a bank loan and invest in his family’s 236-year-old brewery and pub chain, his advisers sent him to an insurer.
M&G Investments, a unit of Prudential Plc, the U.K.’s largest insurance company by market value, agreed to lend Dorset, England-based Hall & Woodhouse 20 million pounds ($33 million) for 10 years. As well as replacing the bank loan, the cash will allow the brewer of Tanglefoot- and Badger-branded beers to invest in its 220 pubs.