Pub focus for Young's
YOUNG & Co called time on 180 years of brewing history yesterday when it sold its minority holding in the Wells and Young’s Brewing Company to Charles Wells.
Young’s said the sale of its 40 per cent stake would net it £15million, to be paid in two instalments in February 2012 and February 2013. It said it was a “sensible” time to sell following its £60million purchase of gastropub owner Geronimo Inns last December.
It will use the money to spruce up its 250-strong pubs estate, focused in London and the South-east, and in time open up new sites. Its shares fell 1½p to 656p. Chief executive Stephen Goodyear said: “This sale is mutually beneficial to Young’s and Charles Wells. We are focused on our premium pub estate while Wells & Young’s is looking to invest in developing new and existing beer brands.”
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This sale is mutually beneficial to Young’s and Charles Wells.
He added that thanks to a supply arrangement drinkers in its pubs will still be able to enjoy quality cask ales from Wells & Young’s.
The company was created in 2006 following a merger between Young’s brewing business and Charles Wells. Analysts Peel Hunt called the stake sale “clear-thinking and forward-looking”.
