Acquisition of Celtic Inns Holdings Limited ("Celtic")

W&DB announces that it has acquired Celtic for £43.6 million on a debt and cash free basis from Dunedin Capital Partners, Dr Ainsworth and existing management and employees of Celtic, subject to an adjustment based on net working capital at completion. The majority of the consideration was satisfied in cash with certain employee shareholders receiving loan notes.  The cash consideration was funded from existing bank facilities.

Celtic has an estate of 70 community pubs based predominantly in South Wales including 21 in Southern England.  The estate, of which approximately three quarters is freehold, comprises 63 tenanted outlets and 7 managed houses.

Enquiries:
George Fleet
020 7484 8800

The full text of the announcement can be found at:

http://www.investegate.co.uk/Article.aspx?id=200603200700530226A