Legal & General has sold West Country pub firm Liberation Group to Caledonia Investments for £118m as part of a streamlining of its business.
Liberation was founded in 2008 through a management buy-in with equity provided by LGV Capital.
The business owns 94 tenanted pubs, two breweries and three wholesale businesses in the West Country and the Channel Islands.
The decision to sell comes as Legal & General focuses on four key sectors – UK housing, UK urban regeneration, clean energy and SME finance.
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