UK: Young's sounds warning on brewery sale
By just-drinks.com editorial team | 12 July 2006
UK brewing and pub group Young & Co.'s has warned shareholders that there is "no certainty" that it will find a buyer for its brewery in London.
Chief executive Stephen Goodyear told shareholders at yesterday's (11 July) AGM that the company remained in talks with potential buyers for the site in Wandsworth.
He said: "As previously announced, we are in advanced negotiations regarding the planned sale of the brewery sites. While we hope to successfully conclude these negotiations shortly, shareholders are reminded that there is no certainty that an agreement will be reached."
The Wandsworth site, which has brewed beer since 1581, was put on the block after Young's announced in May that it was to merge with fellow UK brewer Charles Wells, the local distributor of Corona beer.
The merger will form Wells & Young's Brewing Company, in which Charles Wells will hold a 60% stake and Young's the remaining 40%.
Goodyear said that Young's was making "good progress" on plans to integrate with Charles Wells. "We have been encouraged by the response we have had from the trade," he said. "Taste matching trials are progressing well and we are confident that customers will be more than satisfied by the quality of Young's beers when they are brewed by the new venture."
Sectors: Beer & cider