Alchemy pulls out of pounds 116m bid

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The Independent Online
Alchemy pulls out of pounds 116m bid

ALCHEMY, the venture capital group, has pulled out of a pounds 116m bid for Ushers of Trowbridge, the brewer, after failing to raise finance for the deal because of falling markets.

Tom Vyner, Ushers chairman, (left) said yesterday that NatWest staff told Alchemy that the debt needed to support the takeover "cannot be completed" and blamed market turbulence. The deal was to have been financed by securitising the income from leases on Ushers' pubs.