Young's sells stake in Wells & Young's for £15m
Young's has pulled out of brewing after it sold its 40% shareholding in Wells & Young's Brewing Company to Charles Wells for £15.1m.
Wells & Young's was formed in 2006 following the merger of the Young's brewing operations with Charles Wells.
Young's said the disposal would allow it to increase its focus on its portfolio of managed and tenanted pubs in London and the South of England, while allowing Wells & Young's to continue to develop new and existing brands.
Young's will use the cash generated from the sale to invest in the development of the Young's and Geronimo pub estates.
Charles Wells will pay £5.1m in February 2012, with the remaining £10m being payable in two equal amounts in February 2013 and February 2014.
Commenting on today's announcement, Young's chief executive Stephen Goodyear said: "We are pleased to retain good supply agreements and our customers will therefore continue to enjoy their customary array of quality cask ales and lagers throughout our estate."
Chris Sandland steps down as Young's non-exec chairman >>
Charles Wells to expand John Bull Pub Company in France >>
By Neil Gerrard
E-mail your comments to Neil Gerrard here.
Caterersearch.com jobs
Looking for a new job? Find your next job here with Caterersearch.com jobs
