Hoars ready to pull out of Hoskins

Click to follow
The Independent Online
BARRIE and Robert Hoar, the brothers at the helm of Hoskins Brewery, yesterday signalled their intent to relinquish control of the company, which has been dogged by shareholder unrest for nearly a year, writes John Shepherd.

A source said that a further announcement was likely today. The brothers have an interest in 1.48 million shares, equal to 26 per cent of the company, through a controlling stake in TRD Management.

The brothers' positions are already being challenged by Richard Holman, a shareholder who has mustered enough support to requisition a meeting to vote on their removal from the board.

Barrie Hoar, chairman, was unavailable for comment yesterday but issued this statement: 'The Hoar family has decided to sell a majority of its holding provided we can ensure that new management will be in the best interest of shareholders.'

The statement, however, baffled Adam Page, former chairman of Midsummer Leisure, who is still keen to take control of the company despite already having one attempt sunk by David Shaw, MP for Dover and a dissident director. Mr Page said yesterday: 'They (the Hoar brothers) appeared to have wandered off again. I don't know what they are doing.'

Hoskins, whose shares have been suspended at 56p since May, also announced yesterday that profits in the year to 31 March had risen from pounds 83,000 to pounds 96,000.