Adnams’ bid to raise funds for the business has had “an encouraging response”, the UK brewer and pub group has said.
In February, the Ghost Ship brand owner confirmed it was looking for funds to support its “future growth plans”.
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Adnams, in a trading update issued this week, said it was “continuing to explore a range of options” for funding.
It added: “The board’s preferred option remains the raising of additional capital from another party and/or the sale of freehold assets to return capital to the company. However, no decision has yet been taken.”
The trading update covered the three months to 31 March. Adnams said sales had increased 11% “supported by growing volumes in beer and spirits” and what the company described as “a notably strong contribution from its on-trade and off-trade business”.
The group has yet to publish its accounts for 2023 but said it plans to file the figures later this month, ahead of its AGM scheduled for 27 June.
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By GlobalDataIn the first six months of 2023, Adnams generated a turnover of just under £30m ($37.8m), versus £30.1m a year earlier.
The company posted an operating loss of £2.5m, compared to £714,000 in the first half of 2022. Net losses were £2.4m, against £811,000.
In March, Adnams announced the promotion of CFO Jenny Hanlon to CEO, replacing the retiring Dr Andy Wood.
Hanlon has been with the brewer since 2020 when she joined its board. She has held previous financial roles at Greene King, Barclays and GPR Group. She will take the top role on 1 July.
Adnams’ portfolio of brands includes Ghost Ship and Old Ale. The group also operates approximately 45 pubs and inns across the UK.
