Young’s closes door on Wandsworth brewing operations
23 May, 2006
Young and Co is to give up making beer in south London and merge its brewing operations with Bedford-based Charles Wells.
In a statement issued today Young’s said that following a “comprehensive review” it would be combining its brewing, beer brands and wholesale operations with the brewing assets, including the freehold site of the Eagle Brewery, beer brands and wholesale operations of Charles Wells.
The move will see the formation of a new brewing business called Wells & Young's Brewing Company Ltd, ownership of which will be 60/40 in favour of Charles Wells.
The decision to merge its operations paves the way for Young’s to sell its highly lucrative Wandsworth brewery site, believed to be worth up to £100m.
Young's chief executive, Stephen Goodyear said: “We are pleased to be able to announce the resolution of our brewing review and bring to an end the uncertainty that has surrounded our business for the past two years.
“Having resolved our brewing options, we can concentrate on completing the sale of the Wandsworth sites, which would unlock substantial capital to continue to build Young's high quality pub estate and enhance shareholder value.”
Jim Robertson, Master Brewer of Charles Wells, will be Production Director, while Ken Don, Young's Head Brewer, will oversee the transfer of Young's brewing technology prior to his retirement.
According to a Young's spokesman 95 brewery jobs will be lost as a result of the closure.