UK brewer Adnams has reportedly decided against selling the business as part of efforts to raise funds, focusing instead on selling assets.
Speaking to The Sunday Times, CEO Jenny Hanlon said Adnams had explored a sale to private equity or another brewer, as part of an array of options, but that neither came to fruition.
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“We didn’t really like what they brought to the table,” Hanlon said. “If you’re going to have this opportunity where Adnams is going to grow and expand, it needs to be off the back of something that strategically makes sense – not just a financial restructure.”
When asked to comment further, Adnams referred Just Drinks to its September interim trading statement, which states the group “is currently focused on divesting non-core assets” to address debt.
In February, Adnams confirmed it had appointed advisers to look into “a range of options” to boost finances.
“You’d be amazed what companies like Adnams own,” Hanlon was quoted as saying. “There’s little pockets of properties here and there that actually were a luxury to have.”
Several Adnams pubs are also expected to be handed off. The exact number is not yet known.
In addition to a brewery and distillery, the Ghost Ship owner runs 45 inns and “tied properties” across the country, according to its website.
Hanlon was promoted from CFO to CEO in July, replacing Dr Andy Wood who has now retired. He will work for the company as a consultant until the end of the year.
In June, the Southwold Bitter maker announced its chairman Johnathan Adnams would be stepping down from the business at the end of the month, alongside senior independent director Steve Sharp.
Alongside the announcement, the group also mentioned in an AGM statement it had “made progress in its review of options to fund its future growth plans, with interest secured from multiple parties”.
In Adnams’ fiscal 2023, the business booked £66.3m ($84m) in turnover, a jump of 3.3% on the previous year.
However, EBITDA dropped 71.3% on the year prior to £568,000. The brewer reported 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.
