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News
Charles Wells Ltd purchases 40% stake in Wells & Young’s Brewing Company Limited from Young and Co PLC
9th August 2011
Charles Wells Ltd has announced today it has purchased the 40% shareholding in Wells & Young’s Brewing Company Limited from Young & Co PLC making Wells & Young’s a wholly owned subsidiary of Charles Wells Ltd.
Bedford-based Wells & Young's was formed in 2006 following the merger of Young & Co’s brewing operations with those of Charles Wells. Charles Wells holds a majority 60% stake in Wells & Young’s.
The consideration payable for Young’s shareholding is £15.1 million in cash. £5.1 million is payable in February 2012, with the remaining £10 million being payable in two equal amounts in February 2013 and February 2014. As at 4 April 2011 the net book value of Young’s investment in Wells & Young’s was £15.3 million.
The acquisition will allow both companies to focus on their core business strengths. Young’s will increase its focus on its portfolio of managed and tenanted pubs in London and the South of England, whilst Wells and Young’s will continue to develop new and existing beer brands.
The licences granted to Wells & Young’s in 2006 in respect of the Young’s beer brands remain in place and Wells & Young’s is fully committed to developing these brands.
Commenting on today’s announcement, Charles Wells chief executive, Paul Wells said: “This transaction is mutually beneficial for both Young’s and Charles Wells. At Wells & Young’s, we are absolutely committed to developing and investing in our beer brands, whilst Young’s is focused on investing in its premium pub estate. With Wells and Young’s now a wholly owned subsidiary of Charles Wells Ltd, we will have greater flexibility and autonomy to develop the brewery and its brands.”
Charles Wells Pub Company and John Bull Pub Company which are also 100% owned by parent company Charles Wells Ltd, is not affected by today’s announcement.