Brewer Adnams has sought to downplay media reports it is considering an outright sale.
In a short statement issued to junior stock market Aquis today (2 April), the Suffolk brewer said it was still considering “a range of options” to shore up its finances.
It added, however, that the intention of its board remained “the raising of additional capital from a third party and/or the sale of freehold assets” as opposed to a full-scale sale of the company.
“No decision has been taken and company will continue to keep shareholders appraised of developments at the appropriate time,” the statement ended.
It comes after Sky News reported Adnams had begun contacting prospective investors and buyers to scope out interest in an out-and-out sale. In February, the brewer confirmed it had hired advisors to explore funding options.
Losses at Adnams widened in the first six months of last year – to £2.4m – while revenues were flat at around £30m.
Chairman Jonathan Adnams said raw material costs had dragged on the brewer’s profitability, while the falling number of UK pubs and a shrinking cask beer market were to blame for sluggish sales.
Last week, Adnams announced the appointment of its chief financial officer Jenny Hanlon as its new CEO.
She will succeed Andy Wood in the role, following the company’s annual general meeting in June.
Hanlon said it was “a hugely exciting time to be taking the reins” at Adnams.
The Adnams brand was “cherished and championed… in its heartland of the east of England, across the wider UK and throughout dozens of countries around the world”, she said.
“Looking ahead, what’s important is that we keep evolving and keep innovating… while continuing to support our customers, communities and colleagues with the same values and commitments which have served us so well,” she added.
Adnams is one of the UK’s oldest brewers, dating back to 1890. The brewer produces a range of cask conditioned, bottled and canned ales and lagers, as well as distilling gin, vodka and whisky. Its pub estate comprises a total of 45 managed inns and tied properties.
Popular beers from Adnams include its Broadside Ale, Southwold Bitter and Ghost Ship 0.5% Alcohol-free Ale.
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