Adnams chairman to step down as brewer makes headway securing financial backing

adnams chairman to step down as brewer makes headway securing financial backing

Adnams said it has made progress in its hunt for fundraising

Jonathan Adnams, the chairman of beer brewing company Adnams, is set to step down, marking the end of an era for the family's representation on the board of the Suffolk-based firm.

The company announced on Thursday that Mr Adnams would be stepping down ahead of next year's annual shareholder meeting, which is scheduled for June 2025. Mr Adnams is a direct descendant of George and Ernest Adnams, who established the cask ale brewer in the coastal town of Southwold in 1872.

He is the last member of the family to hold a position on the board. Despite this change, the Adnams family continues to hold significant shares in the company. In addition, Adnams revealed that it has made headway in its search for financial backing to support its future growth plans, a process it began in February.

On Thursday, the company confirmed that it has attracted interest from multiple parties. A special committee of the board is currently assessing non-binding proposals based on a pre-agreed framework to determine the best long-term value option for the company and its shareholders.

This news comes amid rumours earlier this year that the historic brewery was considering a complete sale. Sky News reported in March that the company had enlisted advisers from restructuring firm Alvarez & Marsal to explore its options following a funding crunch.

Adnams, which also runs several pubs, recorded a pre-tax loss of £4million in the last financial year due to rising inflation impacting its profits. However, the company noted that falling inflation has since "eased some costs" at the start of 2024.

Andy Wood, the longstanding chief executive, will be stepping down from his role at the end of June. His successor will be chief financial officer Jenny Hanlon. Ms Hanlon will become the first female CEO in the company's 150-year history.

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