Young's in hunt for more pubs
London beer group Young's is searching for pubs to buy. It already has 216 but wants more, says chief executive Stephen Goodyear.
'There is a dearth of good pubs out there, and quite a lot that is available is at the bottom end of the market, but we are keen to add to our portfolio,' he said.
Britain's oldest brewer dates back to the 1500s and has had a long association with the capital. This close relationship was dented last year when the group closed down its Wandsworth brewery, leading to threats of a boycott from some drinkers.
It now brews its beer through a joint venture with Charles Wells in Bedford. Young's today reported profits up £11m for the six months to the end of September, a rise of almost 90%, suggesting the punters have forgiven or forgotten. Sales grew 12% to £64m.
Like all brewers, Young's is suffering from a near-doubling in the cost of ingredients such as barley and hops. Goodyear insists these costs have not been passed on.
'We are being very watchful but we haven't put up prices since last March,' he said.
The Young family still holds around 40% of the voting shares in the company.
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