As a resident of Sunderland I firmly applaud the way the Nicholson family have steered the brewery, a profitable concern on its own, through dangerous waters for years. At the same time, under their stewardship, the Swallow Hotels side of the business has flourished and grown.
The decision taken by the board to support the management buy-out bid fronted by Paul Nicholson is the correct one. The alternative - "razing the Sunderland brewery to the ground and flogging the land" - is asset- stripping at its worst. Vaux shareholders should be able to see beyond a few extra pounds in their pockets.