Sheps facing bid to shake up company
Former Shepherd Neame vice-chairman Stuart Neame is expected to signal a new chapter in the feud of Faversham at the company's annual general meeting later this month.
Stuart, cousin of chief executive Jonathan Neame, is believed to be ready to bring forward resolutions calling on directors to adopt new corporate governance guidelines.
He also wants the company to split its brewing and pub divisions, and to install his brother Roderick on the board.
In June an industrial tribunal found Stuart had not been unfairly dismissed from the Kent brewer and pub operator. But the protracted wrangling, which came after Stuart resigned in October 2003, eventually cost the company a total £822,000 in pensions and other payments.
In common with other operators the company reported a slow summer due to the wet weather.
Announcing its results for the 52 weeks to June 26, the Kent-based brewer and pub operator proclaimed its 29th consecutive year of profit growth.
Turnover rose 6.9 per cent to £90.3m, while operating profit was up 9.6 per cent to £12m. Pre-tax profit was up 8.7 per cent to £12m. Sales in the group's managed houses rose 7.1 per cent. Spitfire, currently one of the fastest growing cask ales, rose 10.2 per cent.
Bobby Neame, chairman, commented: "These are excellent results. The company has performed well across all its operations - in brewing, in managed houses and in tenanted pubs. We strongly believe that being a vertically integrated brewer produces a sustainable level of profit and an appropriate balance of risks."
Jonathan Neame, chief executive, added: "Trading during the summer has been more difficult than last year. However, this has been a year of major investment - in the brewery, in the pubs and in our brands. We have built a strong platform for the future and remain confident that we are in great shape for continued profitable growth."
The group hopes to announce a replacement for the chairman at the AGM, to take over after next year's AGM.
Pictured from left: Staurt Neame, Jonathan Neame and Bobby Neame.
Related articles:
Shepherd Neame: the battle of Kent is over (10 June 2004)
Stuart Neame takes Shepherd Neame to court (6 May 2004)
Stuart Neame affair costs Sheps £615k (24 March 2004)
Stuart Neame hits back at "libellous" claims (6 November 2003)
Stuart Neame resigns from Shepherd Neame (30 October 2003)
