Welcome to the new Independent website. We hope you enjoy it and we value your feedback. Please contact us here.

Young resigns as brewery boss

AT THE age of 77, John Young is finally giving up the dual roles of chairman and chief executive of Young & Co, the west London brewer, which he has held since 1962, and his younger brother Thomas is retiring after 38 years on the board, but the family's grip on the business will remain as tight as ever, a spokesman said yesterday.

The changes are a token gesture to demands for reform of voting structure from a number of City institutions led by Guinness Peat. Mr Young will carry on as executive chairman and the family has no intention of changing the three-tier share structure which gives them 60 per cent of the votes.

Its hand has been strengthened by good results for the year to 27 March. Poor weather last summer affected sales through managed and tenanted pubs but this was offset by higher sales of food and wine and a strong performance from contract brewing and sales to pub groups and supermarkets, which took 43 per cent of the Wandsworth brewery's output.

Beer sales and production rose 4 per cent, turnover increased by 6 per cent and profits grew by 11.6 per cent to pounds 6.7m, excluding exceptional items. The quoted voting shares, which fell to a low of 557.5p last year, rose 22.5p to 822.5p and the majority non-voting shares rose a similar amount to 547.5p.