Adnams announced in February that it had appointed advisors to support with its search for fresh funds after the firm suffered financial losses in consecutive years.
Speaking to the Sunday Times, Hanlon admitted that the 150-year-old brewer had explored the possibility of selling up to a private equity firm or rival beer manufacturer.
However, in the end she said that Adnams “didn’t really like what they brought to the table”.
“If you’re going to have this opportunity where Adnams is going to grow and expand, it needs to be on the back of something that strategically makes sense — not just a financial restructure,” Hanlon told the paper.
Instead, the firm announced in September alongside its half-year results that it was focused on divesting non-core assets as part of a strategy to “rebalance debt levels while preserving those assets critical to its future success”.
These assets include various properties owned by Adnams in the Suffolk town of Southwold and the surrounding area, although Hanlon did not say how many would be sold.
“You’d be amazed what companies like Adnams own,” she added.
“There’s little pockets of properties here and there that actually were a luxury to have.”
History maker
When Hanlon was appointed as CEO in March, she became the first woman to take up the role in the history of Adnams.
Having served as the firm’s chief financial officer since June 2020, she succeeded Dr Andy Wood on 1 July.
Asked about her approach to this challenging period, she told the Sunday Times: “We’re a business that’s been here for over 150 years. We will have operated in times when it’s been easier and times when it’s been harder. We’re just in for a harder phase.
“But we shouldn’t forget that we provide fun. We have great products, great places, great moments — all of those marketing buzzwords I’m supposed to be using.”
