UK-based brewer Adnams has revealed its chairman is set to step down as the company continues to make progress on securing fundraising.
The Ghost Ship beer maker appointed advisers to work fundraising efforts earlier this year as it was looking to bolster its finances and support “future growth plans”.
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The Suffolk-based business announced today (20 June) that chairman Johnathan Adnams has notified his intention to step down at or before the brewer’s 2025 annual general meeting on 27 June.
Senior independent director Steve Sharp is also set to step away from the company.
The brewer revealed that it “has made progress in its review of options to fund its future growth plans, with interest secured from multiple parties”, in an AGM statement.
“A board committee is currently evaluating indicative and non-binding proposals based on its agreed framework to determine which route offers the best long-term value for the company and its shareholders,” Adnams said.
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By GlobalDataIt added that its current sales, margin and profit remain in line with its forecast for the five-month period to the end of May 2024, “during which time it has continued to outperform the market in beer volumes and sales”.
Last month, the UK brewer and pub group said its bid to raise funds for the business has had “an encouraging response”.
Alongside its brewery and distillery, Adnams operates 11 pubs and hotels. The company promoted Jenny Hanlon to chief executive in March, replacing retiring Dr Andy Wood.
In Adnams’ financial 2023, the business turned over £66.3m ($84m), a jump of 3.3% on the previous year.
However, EBITDA took a tumble of 71.3% on the year prior, amounting to £568,000. The brewer posted a net loss of £2.5m compared to a loss of £1.2m in its fiscal 2023.
The company has posted a net loss every financial year since 2019.
In the chairman’s report, Adnams said that signs of improvement were showing in the early stages of the calendar year, with “falling inflation and a softening of the most severe cost pressures”.
