Adnams has made progress in its review of options to fund future growth plans, with interest secured from multiple parties.
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.
In February 2024, Adnams drafted in City advisors to raise new funding amid a deluge of insolvencies across the sector.
In a statement to the Stock Exchange yesterday (20 June), the Suffolk brewer and pub operator further reported that current sales, margin, and profit remain in line with its forecast for the five-month period to the end of May 2024.
The group has also continued to outperform the market in beer volumes and sales, according to the statement.
It also announced chairman Jonathan Adnams and senior independent director Steve Sharp will step down at or before the 2025 AGM, subject to re-election in 2024. Timings will be in part determined by the outcome of the review to raise additional capital.
The company’s AGM will be held in Snape, Suffolk, on 27 June 2024.
