Hodge Real Estate Finance has completed a commercial investment loan to Brew Propco Limited, a company majority owned by Westbrooke Private Capital, enabling the acquisition of 83 long leasehold pubs across South and West Wales.
The portfolio, introduced by Cameron Hayes of capital advisory firm Arc & Co, includes many well-known pubs formerly owned and operated by iconic Welsh brewery Brains. All assets are now leased to Marston’s, the UK’s fifth-largest pub operator, on a 25-year term.
Marston’s has recently sharpened its focus on its pub estate following its exit from the Carlsberg Marston’s Brewing Company joint venture in 2024. The group posted strong results for the six months to 29th March 2025.
The deal underlines Hodge’s lending appetite for large, well-structured transactions in the leisure and hospitality sectors, particularly in its home market of Wales. According to the British Beer and Pub Association, pubs contribute over £26bn annually to the UK economy and continue to recover post-pandemic.
Gareth Davies, senior business development manager, real estate finance at Hodge, said: “It has been a pleasure working with Westbrooke Private Capital on this deal and we’re proud to have backed a real estate transaction of this scale in Wales, our home and our heartland. Supporting the acquisition of 83 long leasehold pubs across the South and West of the country demonstrates not only our commitment to the leisure and hospitality sector, but our ongoing support for businesses in Wales. Pubs remain a vital part of the social fabric, and we’re excited to be part of a deal that continues to bring communities together.”
James Lightbody, head of real estate at Westbrooke Private Capital, added: “We’re delighted to complete this transaction with the support of our lending partner, Hodge. We’ve been involved with this portfolio since its original disposal by Brains in 2021 and this transaction with Hodge allows us to continue to support the sector and those pubs which are cornerstones of their communities in Wales.”
