Our Portfolio

The Club holds shares in the following companies:

Adnams

Adnams

Suffolk

Founded in 1872 it is a regional brewer based in Suffolk with 45 managed and tenanted pubs and has a reputation for product innovation (including brewing collaborations) often with “green” credentials. There are unlisted A shares (limited liquidity) and B shares which are traded on the AQSE market.

AB InBev

AB InBev

Belgium

Based in Belgium it is the world’s largest brewer. In the UK it owns Camden Town and the iconic cask Draught Bass brand: the latter brewed by Marston’s. London dealing facility.

Asahi

Asahi

Japan

Major Japanese multinational brewer. Has owned small London brewery Meantime for a number of years. Acquired the Fuller’s brewing business (including brewery and Fuller and Dark Star brands) in 2019. Reaffirmed commitment to real ale but expected to focus on internationalising the London Pride brand. Asahi owns other premium beer brands around the world.

Bedlam

Bedlam

South Downs

Operating from a farm in the South Downs the business was relaunched in 2015 and has an eco-friendly profile using solar power and recycling production techniques. It has established a wide free trade out of its East Sussex base covering both major pubcos as well as free houses throughout London and the South East. The brewery has utilised crowdfunding.

Beer Consortium

Beer Consortium

Nottingham

A Nottingham based EIS private company founded in 2014 and operating five externally managed pubs. Initially raised just over £1m but further fundraisings since.

Black Eagle

Black Eagle

London

The company founded in 2013 ceased brewing in May 2022. Its beers are now brewed under contract for sale in its retail outlets at the Truman’s Social Club in Walthamstow, London City Airport and the Newman Arms in London.

Black Sheep

Black Sheep

York

Established in 1992 the as a free trade brewer the company has over 1200 shareholders of whom the Club is currently the largest “non-family” one. Acquired York Brewery and its four pubs in 2018. Stock is traded on the AssetMatch platform.

Brain SA

Brain SA

England / Wales

The family-controlled company has had a troubled recent past suffering from too much debt. The issues arising from the Covid pandemic exacerbated an already difficult situation. In late December 2020 / early 2021 it transferred the operation of its 156 pubs (principally freehold and in South and West Wales) to Marstons plc and then it sold the majority of those pub freeholds to a private equity fund in 2022. As a consequence, it is now a brewer with a small residual estate of c45 pubs but a with a cleaner balance sheet. Marston’s are expected to continue to run the pubs under the Brains brand and serve Brains beers. Thought to contract brew cask beers for Molson Coors. The Club holds two classes of rarely traded cumulative preference shares. Ordinary shares are not listed.

Brasserie Cantillon

Brasserie Cantillon

Belgian

A small Belgian Lambic brewery established in 1900 and operating throughout the 2000s this enterprise produces c400,000 bottles per annum. In the Spring of 2022, it announced a buyback of its shares: due to complete in early 2023.

Brasserie du Renard

Brasserie du Renard

Belgian

A micro Belgian co-operative brewer (with approximately 300 members) of artisanal organic beers. Shares can only be traded within the co-operative.

C&C Group

C&C Group

The company owns cask beer distributor Matthew Clark and has a 47% stake in Admiral Taverns which owns c1000 pubs. Admiral bought the 670+ pub business of Hawthorn Leisure from New River Retail during the summer of 2021. In mid-2022 it announced the sale of the Admiral stake to its private equity business partner: the phased transaction is expected to take place through 2023. C&C also owns an 8% stake in Scottish craft brewer Innis & Gunn (brewers of Inveralmond cask beers) and its Wellpark brewery in Glasgow packages for I&G. An Irish company but is a member of FTSE250 Index. Quoted in £.

Caledonia Investments

Caledonia Investments

This London listed investment trust has owned Liberation Group (Butcombe and Liberation breweries including approximately 110 pubs) since 2016: there is a significant cask beer free trade (over 500 outlets) as well. In October 2020 Liberation bought 21 high-end pubs located in the South West of England from Wadworth.

Carlsberg

Carlsberg

Danish

A Danish brewery operating internationally, it owns the Tetley branded UK cask ales (thought to be brewed by Camerons) and is a major distributor of real beer in the UK. Owns London Fields. Has two classes of shares. London dealing facility. Has entered into a joint UK brewing operation with Marstons : it is the majority partner.

City Pub Group

City Pub Group

Brighton / Cambridge / Cardiff / London.

AIM listed pub company headquartered in London owning around 45 predominantly freehold outlets or development sites located in market towns and cities across southern England and Wales. Most venues are wet lead (some with on-site breweries) but increasingly also offering accommodation. The stated ambition is to grow to over 100 outlets.

CK Asset Holding

CK Asset Holding

Hong Kong

Hong Kong based and listed real estate business. Part of a larger group of businesses controlled or substantially owned by multi-millionaire KS Li of Cheung Kong fame. As part of plan to reduce exposure to HK and China while obtaining higher recurrent income bought Greene King for £2.7bn cash in 2019. Have indicated intent to support GNK strategy and business mix. GNK, based in Bury St Edmunds and founded in 1799, operates and brews under many brands including Belhaven, Hardy & Hanson, Hungry Horse,Morland, Ruddles, Taylor Walker and Tolly Cobbold. It has some 2730 sites of which approximately 1050 are tenanted, franchised or leased pubs.

Fuller, Smith & Turner

Fuller, Smith & Turner

Chiswick

Once a leading brewer of cask beer at its Chiswick plant the company, which is London listed, sold its brewing business to Asahi in 2019. It now concentrates on retailing and has over 200 managed pubs and hotels and a tenanted estate of 175 inns: 44% of the portfolio is located within the M25. The A shares are listed. There are also B and C category shares which are family controlled and unlisted. Each share has one vote : there are roughly 33.5m As, 89m Bs and 14.5m Cs. In addition there are two small issues of Preference shares that are rarely traded.

Heavitree

Heavitree

South Devon

An Exeter based pub chain which no longer brews. It has been trimming its estate of some sixty tenanted pubs which are concentrated in South Devon whilst upgrading the remaining outlets. Extended family controlled with two lines of shares (different voting rights) both traded on the AIM market.

Heineken Holdings

Heineken Holdings

London

A Dutch brewer that claims to be second largest in the world is also said to own the second largest pub estate in the UK (Star Inns). In June 2022 it announced the closure of the Caledonian Brewery in Edinburgh and the transfer of production to Greene King’s Belhaven. It remains unclear if the Deuchars and John Smith’s cask ale brands will transfer there. Heineken also owns Brixton Brewing (which does brew some cask) and nearly half of the Beavertown brewery which doesn’t. Two share classes. London dealing facility.

Joseph Holt

Joseph Holt

Founded in 1849 this family-controlled brewery now has sixth generation members involved in running the business comprising roughly 130 tied pubs and 500 free trade outlets with national distribution. It operates the Bootleg brand as well. In conjunction with the Restaurant Group, it operates a microbrewery at Manchester Airport. Shares have limited liquidity being traded via closed auction twice a year.

Hop Back

Hop Back

Operating primarily in the Wiltshire area as a cask ale brewery the company was an early beneficiary of CAMRA’s campaigning. Founded in 1987 it owns and operates a small number of pubs. Its flagship beer Summer Lightning is widely available in the free trade. Shares have limited marketability.

Hydes

Hydes

Salford

Now based in Salford, this is a long-established business which has restructured itself into a specialist brewer of seasonal and multi micro branded beers, supplying its own estate in the greater North West of England and a strong regional free trade. Shares are non-voting and are now traded by their own financial team.

Loch Lomond

Loch Lomond

UK

Founded in 2011 the family run company produces traditional cask and supplies small batch craft beers to national UK supermarkets and wholesalers. There is a significant export trade. A crowdfunding in 2018 was used to finance a new brewing centre which is near Dumbarton. It became operational in late 2019.

Loungers

Loungers

UK

Floated on AIM in April 2019 the company has nearly 200 outlets throughout England and Wales (but not central London) trading under the Cosy Club and Lounges brands. The aim is to open 25 new sites each year over the medium term. Some of the 30 or more Club sites sell cask beers.

Marstons

Marstons

UK

Has been brewing at Burton since 1834 but now operates from six sites and produces a number of different branded beers. These include for itself Banks‘s, Jennings, Mansfield, Ringwood and Wychwood. Although it bought the Lancaster and Wainwright brands from Thwaites it cannot use the brewery name. It contract brews the Tetley cask beer range and Draught Bass. It acquired the Charles Wells / Courage / Eagle brands in 2017 and brews Young’s branded beers. Continues to rationalise the lower end of its tied estate but still runs some 1400 outlets. There were two big corporate events in 2020: in June it announced that it had merged its brewing interests into a joint venture with Carlsberg (40 / 60%) but that it had no immediate plans to review brewery sites or brands and in December it agreed with SA Brain to operate the latter’s pub estate. Early in 2021 it received an unsolicited takeover bid from a US based private equity fund which it rejected.

McMullens

McMullens

South East England

125 tied pubs across South-East England with a strong cask beer tradition the business, founded in 1827, is still family controlled. The Club owns preferred ordinary shares that are occasionally secondarily traded.

Mitchells & Butler

Mitchells & Butler

A leading pub company with over 1700 largely freehold sites across the UK and Germany. It is fully listed and trades under various identities such as All Bar One, Ember Inns, Miller and Carter, Nicholsons, Orchid and Vintage Inns. Most pubs offer a range of cask beers. Nicholsons house cask beer is brewed by St Austell. Listed in 2003.

Molson Coors

Molson Coors

Denver Colorado

Based in Denver Colorado the company acquired parts of the Bass business from Interbrew in 2002. It bought Sharp’s of Cornwall in 2011 and has invested heavily in promoting the Doom Bar brand into the top selling cask ale in the UK. It brews some 110,000 of barrels of cask beer a year (under licensing arrangements) with Sharp’s capacity stated to be 200,000 barrels per year. It owns no pubs. The breweries at Burton and Tadcaster are not thought to brew cask: Burtonwood’s closure was announced in 2021.

Nethergate

Nethergate

One of the original microbreweries (being formed in 1986) it had a troubled history before being eventually bought back by its founders in 2014. A new brewing centre was built in 2017 just a couple of miles away from the original site. Brews a mixture of traditional and more modern styles with water from its own bore hole.

Restaurant Group

Restaurant Group

The Group is expanding its upmarket Brunning and Price dining chain (founded in 1989) which focuses upon c80 destination pubs selling cask ales whilst cutting back significantly on some of its out-of-town restaurant brands. In 2021 it announced plans to increase the pub estate to around 150 sites. It sources its house beers from Phoenix northern estate) and St Austell (southern estate) but features guests from local breweries as well. Main listed.

Shaftesbury

Shaftesbury

A leading property company owning what many view as the pre-eminent central London retail and leisure portfolio including more than 290 pubs, cafes and restaurants. Has a strong community focus in its heartland. In mid-2022 it announced an agreed merger with the larger Capital and Counties REIT Shaftesbury shareholders will control the majority of the new entity. Main listed REIT.

Shepherd Neame

Shepherd Neame

South East, England

Claiming to be the UK’s oldest continuous brewer (from 1698) the Kent based business owns some 300 pubs (c70 managed) in Kent and the South East and also operates under the Whitstable Bay, Faversham Steam Brewery and No 18 Yard Brewhouse names. Heavy family involvement and traded on AQSE with a market value of c£150m.

Thwaites

Thwaites

The family-controlled business closed its bulk beer operation in 2014 and sold its key brands in 2015 to Marstons. Owns 240 or so tenanted and managed pubs plus a collection of hotels and lodges. It established a new small brewery in 2018 to produce its own branded cask beers. Traded on AQSE.

United Malt

United Malt

The fourth largest commercial maltster in the world this Australian listed company has interests in North America and Asia as well as owning Baird’s Malt and the Brewers Select businesses in the UK.

Wadworth

Wadworth

Wiltshire

Founded in 1875 and based in Wiltshire and largely operating in the Wessex region the business remains firmly family controlled. In 2022 the company stated that it had completed its pub restructuring programme and now has c150 pubs (c130 tenanted). The pruning was aimed at improving operational efficiencies and its financial position ahead of building a new brewery on the outskirts of Devizes. This is planned to open in late 2023. The current building is expected to be redeveloped. There is a complex share structure with Ordinary, A Ordinary and two classes of Cumulative Preference shares.

West Berkshire

West Berkshire

Established in 1995 with many subsequent fundraisings. During 2021 there were significant management changes amid rumours of discontent within the business and ultimately the brewing operation and assets were sold around the turn of the year. The business subsequently entered into administration in January 2022.

Wetherspoons

Wetherspoons

A leading pub operator with over 850 outlets (including c55 hotels) throughout the UK and Republic of Ireland. The estate is not static and there are frequent disposals as well as an opening programme. Nearly 70% of its premises are held freehold and the last published valuation date was 1999. Founded in 1979 and listed on the main London market.

Whitbread

Whitbread

No longer directly brewing but owning over 300 pubs operating under various brands such as Beefeater and Brewers Fayre. Also operates 785 hotels with bars attached. Main London listing.

Young & Co

Young & Co

Founded as a brewery in 1831 the company fully sold its beer brands to Charles Wells in 2014 following a merger in 2006. These are now brewed by Marstons at their Bedford brewery. It now concentrates on its pubs which are largely based in London and the South East but is expanding into the South West. There are roughly 200 managed houses: the majority of its tenancies were sold to Punch in mid-2021 but it has kept 7 for the long term. Traded on AIM it has both A Ordinary and non-voting shares. It is possible to arbitrage trades between the share classes, but liquidity is often tight.

Our Portfolio

Full listing refers to a quote on the main regulated London Stock Exchange. AIM is a sub-market of the LSE with a more flexible regulatory regime and attracts smaller and or less viable companies than the main market. AQSE is a Recognised Stock Exchange based in London. A REIT is an property company that must have 75% of its assets or revenue from property income and must distribute 90% of its rental income to shareholders.

The portfolio is ungeared although individual companies within it do have borrowings secured on their own assets. Whilst the contents of this note are thought to be accurate readers should not rely upon the information it contains.

The value of investments can go down as well as up so an investor might not get back the amount originally invested when leaving the Club.

CMIC Asset Allocation Guidelines

The below are set out as guidelines and not as targets and their relevance will be monitored by the Committee on an ongoing basis.

Given the Club’s focus, the majority of the portfolio is expected to be invested in UK listed companies. However, the overall geographic profile of the portfolio will change from time to time.

The Club’s policy is not to invest more than 15% of net assets in any one investment. The total number of holdings in the portfolio will vary but the top positions will have a proportionally larger weighting.

The Club has allocated up to 5% of its investments to be held in “riskier” companies. This broad definition covers microbreweries and those stocks where security trading is restricted to other existing shareholders, the company, or other prescribed persons, or similar.

The Committee is aware of the need to actively manage its cash resources carefully in line with the policy of being fully invested whenever possible. Consequently, the Club monitors the liquidity of its investments and recognises that holding a company that is fully listed on the London Stock Exchange, or other recognised Stock Exchange, does not necessarily mean that the investment is easily realisable. However, Club policy will be to aim to have not less than 50% of net assets in fully listed securities; not more than 20% invested in AIM listed securities; not more than 20% invested in companies traded on other UK security markets such as AssetMatch or AQSE.

The Club may not use derivatives or gearing.

The Club will not, as a matter of course, hold more than 15% of the voting equity of an individual investment but this policy is subject to preserving the Club’s economic interests in such investments where circumstances indicate it would be prudent to do so, as during money-raising or follow-on situations, for example.