The company said the creation of its new home and the continued investment in its managed sites are part of its strategy to meet the changing needs of the next generation of customers. The change of name aims to echo this.
Wells & Co chief executive Justin Phillimore said: “After 142 years and five generations of family involvement, we have not embarked on this lightly, but we feel it embodies the change of direction we have taken as a business.
“This includes the significant investment we are making in our pubs and the creation of a beautifully designed new home, capable of producing a range of beer styles that we would not have dreamed of 10 years ago. It is a statement of confidence about our future direction as a company.”
In February this year, The Morning Advertiser reported the business moved forward with a huge rise in profit and a dedication to investment in 2018.
The company saw a strong 2018 with a bright future ahead of it too. Following the sales of its brewery in Bedford to Marston’s in 2017, where Marston’s acquired the brewing business and beer distribution rights for £55m, the financial year up to September 2018 has seen Charles Wells experience a 226.9% increase in profit before tax to £4.6m and a 29.3% rise in underlying operating profit to £5m.
Across these 12 months, the group continued to invest, undertaking 13 developments totalling £2.3m.
It also added three Pizza, Pots & Pints-branded pubs; opened the Bull Hotel in Olney, Buckinghamshire; and acquired two more pubs in France – bringing its managed portfolio in the UK and France to 23 pubs.