Buyout bid for Ward's brewery
Wednesday 12 May 1999
The commercial director of Ward's, Barry Arnold, has tabled a bid of about pounds 8m for the brewery and will keep 100 of the 130 workers. As the only offer on the table, it is thought to have a "75 per cent chance of success", according to Swallow. The bid includes a three-year beer supply agreement under which the brewery will supply 3,000 barrels of its beer to local Ward's pubs in year one, falling to 1,000 barrels in year three.
However, the Vaux brewery in Sunderland appears doomed and will close on 2 July with 328 compulsory redundancies. A further 104 are taking voluntary retirement. Total redundancy costs will be in the region of pounds 12m to pounds 13m.
Swallow is continuing talks to sell its 664 tenanted pubs to Pubmaster in a pounds 125m deal. Swallow will focus on its 173 managed pubs and 37 Swallow hotels.
Yesterday the company said the Kosovo crisis had caused its forward bookings to "weaken slightly" as some foreign tourists were staying away.
Former Vaux directors Martin Grant and Neil Gossage will receive combined compensation of "not more than pounds 450,000" after they were ousted. The company reported a 10 per cent rise in first-half profits to pounds 18.3m.
International Women's Day 2014: The shocking statistics that show why it is still so important
Feminist quotes to inspire you on the International Women's Day
Oscar Pistorius trial first week: Never mind a media scrum – murder case becomes bizarre safari following the tracks of a wounded lion
International Women's Day 2014: Mothers and daughters around the world describe hopes and dreams in touching photographs
International Women’s Day: 'When a man gives his opinion, he's a man. When a woman gives her opinion, she's a bitch' - feminist quotes from female icons to inspire you
Apple's Tim Cook: Business isn’t just about making profit
Thousands of young people forced to go without food after benefits wrongly stopped under 'draconian' new sanctions regime
Ukraine crisis: New navy chief 'defects' and surrenders Crimean HQ as Putin claims ultranationalists forced intervention
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
Ukraine crisis: Russia dismisses '3am ultimatum' as 'total nonsense'
If you're horrified by a flame-roasted dog, you should be shocked at a hog roast
- 1 To those who can’t see the point of International Women’s Day: you are the very reason it exists
- 2 International Women's Day 2014: The shocking statistics that show why it is still so important
- 3 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 4 Too upsetting? Academy members voted for Oscar-winning 12 Years A Slave 'without watching it'
- 5 Liam Neeson turned down James Bond role because Natasha Richardson said she wouldn't marry him if he took it
iJobs Money & Business
£12000 per annum: Inspiring Interns: The company works with Tier 1 FTSE 100 Ba...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...
£30000 - £35000 per annum + generous benefits: Pro-Recruitment Group: Mixed Ta...