London brewer Young's remains torn between retaining its historic brewery site and releasing millions of pounds to fund much needed expansion.
Speculation has put the value of the site, which occupies five acres of prime real estate in the centre of Wandsworth Town, at anywhere between £30m and £50m.
Stephen Goodyear, Young's chief executive, said he was aware of the emotive issues that would accompany any sale of the 174-year-old Ram Brewery, but said these had to be balanced against broader financial and logistical considerations.
"The review into the commercial potential of the brewery site is still continuing," said Mr Goodyear. "Of course we are acutely aware of the brewery's place and roots in the community here and so this makes any decision about its future very difficult.
"As soon as we know the results of the review we will put them in front of the shareholders and then act on behalf of the shareholders wishes," he added. "If we did move we would certainly look to stay in Wandsworth - but it is very difficult to find an appropriate site."
On its current site the brewery has no way of expanding and, as the company grows its beer volumes, will soon be stretched to full capacity.
The logistics of operating and distributing out of the cramped Ram Brewery site are another major drawback. A sale seems almost inevitable.