The beer maker issued a statement filed on the London Stock Exchange on 2 April 2024 reaffirming “that it is exploring a range of options to fund its future growth plans with the support of its advisors”, but does not intend to sell the business.
However, its future could be funded by the sale of some its more than 10 pubs and inns located across East Anglia.
The statement continued: “The board's intention remains the raising of additional capital from a third party and/or the sale of freehold assets to return capital to the company.
“No decision has been taken and company will continue to keep shareholders appraised of developments at the appropriate time.”
Adnams confirmed in a separate statement issued on 12 February that it had instructed advisors to help secure its financial future as it continues to confront the impact of inflation and reduced consumer demand.
Speaking in February, Adnams chair Dr Jonathan Adnams said: "We’re exploring ways to reduce our bank debt to reduce interest payments and further strengthen our balance sheet to support our future growth and provide additional resilience.
“This could include a fresh injection of capital into the business from another party, or the sale of some of our freehold assets to return capital to the business.”
Based on accounts made up to 31 December 2022, Adnams boosted turnover by 11.9% year-on-year but faced an operating loss of £1.2m. Meanwhile, its 2023 interim results showed that losses have increased to £2.4m.
Elsewhere, the firm announced last month (March 2024) that Jenny Hanlon had been appointed as its new chief executive, making her the first woman to fill such a role in the brewer’s more than 150-year history.
Hanlon will take up the role on 1 July when Dr Andy Wood steps away from his day-to-day duties.
In other news, Baker & Baker Products UK has been fined £400k after an employee had to have her leg amputated.
