Adnams chairman to step down as historic brewer makes ‘progress’ on fundraising

The cask ale company is on the hunt for financial backing after inflation pushed it to a £4 million loss last year.

Adnams said it has ‘made progress’ in its hunt for fundraising (Martin Keene/PA) (PA Archive)

Jonathan Adnams, the chairman of beer brewer Adnams, is to step down, marking the end of the family’s representation on the Suffolk-based company’s board.

The company said on Thursday that Mr Adnams would step down before next year’s annual shareholder meeting, pencilled in for June 2025.

Mr Adnams is a descendent of George and Ernest Adnams, who founded the cask ale brewer in 1872 in the seaside town Southwold, and is the last person holding the family name on the board.

The Adnams family remains a major shareholder in the company.

A board committee is currently evaluating indicative and non-binding proposals based on its agreed framework to determine which route offers the best long-term value for the company and its shareholders

Adnams statement

Adnams also said it has “made progress” in its search for fundraising after saying in February it was looking for financial backing to support “future growth plans”.

It said on Thursday it has “secured interest from multiple parties”.

“A board committee is currently evaluating indicative and non-binding proposals based on its agreed framework to determine which route offers the best long-term value for the company and its shareholders,” it said.

It comes amid reports the historic brewery was exploring an outright sale earlier this year.

Sky News reported in March that it had hired advisers from restructuring firm Alvarez & Marsal to look at its options following a funding squeeze.

Adnams, which also operates a number of pubs, booked a pre-tax loss of £4 million last financial year after rising inflation hit its bottom line.

However, it added that falling inflation had “eased some costs” since the start of 2024.

Longstanding chief executive Andy Wood will also step down from his role at the end of June to be replaced by chief financial officer Jenny Hanlon.

Ms Hanlon will be the first female chief executive officer in the company’s 150-year history.