McMullen's allays brewing fears

From The Publican

05-Jun-2003

Related topics: Company & City News

Fears over the future of brewing at McMullen's amid a family rift have eased for the time being.


The company has ditched plans to break-up the business and will sell some property at The Hertford Brewery in order to release cash to shareholders.


Some members of the McMullen family wanted to cash-in their stakes in the company while others wanted to continue to run the business.


Many believed a reconstruction of the company would have resulted in a sale of the brewery and surrounding properties, with McMullen's emerging as "another soulless pub company".


The company said it had ditched plans after the board and major shareholders failed to reach agreement over any potential break-up.


Instead, the company will stop contract brewing, reduce the size of the brewery, and sell off chunks of property for alternative development.


The sale proceeds will be divided out among shareholders. It also emerged that chairman and joint managing director David McMullen will retire on the grounds of ill health.


"My family and I remain resolutely committed long term holders of McMullen shares and I look forward to the continuing success of the company," he said.


His co-managing director Peter Furness-Smith will take sole charge and Mr McMullen will oversee the appointment of an independent non-executive chairman.

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