CALEDONIA TLG BIDCO LIMITED

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Group has reported a loss after tax for the period of £9,840,000 (2024: loss of £7,878,000). In determining the appropriate basis of preparation of the financial statements, the directors are required to consider whether the Group can continue in operational existence for at least twelve months from the date of approval of the financial statements. ... Based on this assessment, the directors consider it remains appropriate to prepare the financial statements on a going concern basis as the Group has sufficient financial resources to meet all liabilities as they fall due and comply with all bank covenants for at least 12 months from the date of approval of these financial statements. Accordingly, the directors have concluded that there is no material uncertainty regarding the use of the going concern assumption and have prepared the financial statements on a going concern basis.”

Group structure

1. CALEDONIA TLG BIDCO LIMITED · parent
   1. The Liberation Group Limited 100% · Jersey · Holding company of a pub and brewery group
   2. The Liberation Pub Company (Jersey) Limited · Jersey · Intermediate holding company
   3. A E Smith & Son Limited · Jersey · Brewery
   4. A.S.B.M. Limited · Jersey · Tenanted pub company
   5. Café de Paris (Jersey) Limited · Jersey · Managed pub company
   6. Bucktrout & Company Limited · Guernsey · Drinks wholesale business
   7. Captains Holdings Limited · Guernsey · Property holding company
   8. The Guernsey Brewery Co. (1920) Limited · Guernsey · Pub operating company
   9. Butcombe Brewing Company Limited · United Kingdom · Holding Company
   10. Butcombe Brewery Limited · United Kingdom · Brewing and pub operating company

Significant events

• “Another strong year for Butcombe Group with encouraging revenue and EBITDA growth.”
• “Grew year-on-year EBITDA margins across the group, with 150 bps improvement in the managed estate.”
• “Managed Pubs delivered sector leading LFL growth at 7.8%, with food performance up +12.1% and drink +4.7%.”
• “Continued investment in 2024 with six major refurbishment projects and four smaller sparkle schemes.”
• “Roll out of Butcombe Boutique Inns continued, launched in 10 Inns.”
• “Brewing and Drinks business saw UK Free Trade growth of +8.4% and increased distribution (Tesco listing Goram IPA Zero in 73 stores).”
• “Tenanted pubs overall reduction in EBITDA but average EBITDA/pub grew 3.8% due to disposal of nine dilutive sites.”
• “Independent valuation of pub estate in January 2025 resulted in a 12% increase to £204.1m.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

9

last 12 months

Capital events

2

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +3.2%

  £144,369,000 → £149,003,000

• Cash

  +35.9%

  £6,836,000 → £9,292,000

• Net assets

  -6.5%

  £152,126,000 → £142,286,000

• Employees

  +2.6%

  1,808 → 1,855

• Operating profit

  -1.6%

  -£4,556,000 → -£4,630,000

• Profit before tax

  -1.8%

  -£8,707,000 → -£8,862,000

• Wages

  +7.1%

  £38,761,000 → £41,499,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers