Robinson's ups its stake in Jennings

by Tony Halstead Stockport family brewer Frederic Robinson has increased its stake in rival Jennings Brothers to almost 20% after buying up another tranche of the company's shares. It is the third time Robinson's has increased its holding in Jennings in the past nine months but the Lake District brewer and pub operator has dampened any speculation of a possible takeover. Cockermouth-based Jennings says nothing sinister should be read into the transactions and points out that Robinson's has held a sizeable stake in the company for the past 20 years. Financial director David Stevenson said: "Robinson's has held shares in Jennings since 1984 and we have regular conversations with them as we do with any other major shareholder. However, we do not believe Robinson's would want to see anyone else take over the company so there could well be some protective element in what they have done." It is understood a sizeable number of shares acquired by Robinson's in the latest deal arose from the decision of another shareholder, Carlsberg Tetley, to reduce its holding below the 3% mark. Robinson's, which has more than 400 tied houses, bought the latest block of 130,000 Jennings shares for around £300,000. In the 1980s it acquired another Lakeland brewing company, Hartleys of Ulverston, which saw it become the dominant pub owner across Cumbria. Robinson's did not wish to comment on its share-dealing activities.