They funded their breweries’ acquisition themselves; it’s only now that banks start helping the “Lobkoviczs”
6. prosince 2012, 16:27
The more than one-billion-crowns investment made by Třinec-based businessmen Martin Burda, Grzegorz Hóta et al. to acquire seven breweries grouped under the Pivovary Lobkowicz name was entirely funded with their own money. The Group has resorted to refinancing its debt to shareholders through bank borrowing only over the last two years.
“All was purchased with shareholders’ money; not a borrowed penny was invested into our acquisitions. At the beginning, we expected, of course, that part of these shareholder funds would be refinanced; but the fall of Lehman Brothers thwarted our plans, and things were no longer as simple as before,” Zdeněk Radil, CEO and minority shareholder of Pivovary Lobkowicz’s owner K Brewery Group said to motejlek.tv. “However, we succeeded in replacing a portion of shareholder debt with bank borrowing last year, and we are about to complete another round.”
Translated by Lingvus