Nicholson spills the beans in new book
The "inside story" of the closure of Vaux Breweries has been put into words in a new book written by the company's former boss, Sir Paul Nicholson. Brewer At Bay, published this month, is a first-hand account of the events that led to the demise of one of the country's best-known regional brewers in 1999. Sir Paul's memoirs provide a fascinating insight into the politics and the business dealings that led to the break-up and closure of Sunderland-based Vaux and its sister company, Wards of Sheffield. The book includes a number of revelations and new disclosures about the power battle that ensued at the time, and the attempt by the Nicholsons to retain a hold on the company that the family had run for 162 years. Nicholson himself believes the end of brewing was a "feeble decision to kow-tow to the City Gods", and should never have happened. He claims the brewery closures probably ended up with the board receiving £2m or £3m less than the proceeds of a proposed management buy-out that was rejected. A BBC regional TV programme about the publication of the book also featured an interview with the then chief executive, Peter Catesby, who blamed part of the Vaux demise on a misguided policy of "buying" trade through loans to people with insufficient security. One of the book's reviewers, Sir George Russell, former chairman of the Northern Development Company, describes Brewer At Bay as "compulsory reading for all northern business schools". The Vaux Brewery site in Sunderland where the closure threw 600 people out of work is now demolished, with part of the site now housing a new supermarket. Sir Paul has pledged any profits from the book will be donated to help fund community projects in areas affected by the demise of the company.
