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Young’s bails out of brewing
Young & Co has sold its 40% shareholding in brewing arm Wells & Young’s Brewing to its partner Charles Wells for £15 million.
The sale will leave it solely focused on running pubs in London and the south-east of England with the cash raised to be invested in the Young’s and Geronimo estates.
The deal brings an end to 180 years of brewing history for the company.
It said it was a “sensible” time to sell following its £60m purchase of gastropub owner Geronimo Inns last December.
It will invest the money in refurbishing its 250-strong pubs estate, based mainly in London and the south-east of England, and also in opening up new sites.
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.”
He added that thanks to a supply arrangement drinkers in its pubs will still be able to enjoy cask ales from Wells & Young’s.
The company was created in 2006 following a merger between Young’s brewing business and Charles Wells.