Directorate Change

RNS Number : 3096H

Young & Co's Brewery PLC

26 May 2011

 



26 May 2011

Young & Co.'s Brewery, P.L.C.

Board Changes

Young & Co.'s Brewery, P.L.C. ("Young's" or the "Company") announces that Chris Sandland is to stand down as non-executive chairman and retire from the board with effect from the close of the Company's annual general meeting on 12 July 2011.  Chris joined Young's in 1973 as a management accountant, subsequently working in a variety of roles including company secretary and personnel director.  He retired as an executive director in April 2006, was appointed as a non-executive director in July 2006 and became non-executive chairman in October 2006.

Chris will be succeeded as non-executive chairman by Nick Bryan.  Nick joined the board of Young's as a non-executive director in 2006.  He is co-founder and chief executive of the Innserve Group, an independent national drinks dispense service company.  He has a wealth of experience of the hospitality, property and brewing sectors gained through various positions within Courage, including being managing director of Courage UK from 1992 to 1995.  He has held other chairman and non-executive director roles whilst a management committee member of Investcorp from 1995 to 2001.  He began his career in finance as a chartered accountant and with positions at Lonrho and Hanson.

Chris Sandland said:

"Much has been achieved over the past five years.  We have made the successful transition from being a vertically-integrated brewing business to one focused on running and developing an estate of premium managed houses in London and the South East, where we strongly believe the greatest profit opportunity lies.  The recent acquisition of Geronimo represented a significant step in that strategy, adding 26 premium sites to our managed estate and opening up new growth opportunities to us.   Against this background of significant change, we have retained a robust balance sheet.

"Therefore, whilst after 38 years I will inevitably retire with some sadness, I will also leave knowing that Young's is in excellent strategic, operational and financial shape.   In Nick Bryan, we have a first-rate successor to the role of non-executive chairman - he understands our business and our industry extremely well, and I know that he will provide the leadership, and the support to Stephen Goodyear and his executive team, to ensure that Young's continues to grow and to flourish in the future." 

Stephen Goodyear, chief executive of Young's, said:

"Chris Sandland has been a phenomenal servant to Young's over four decades.  He took on the role of chairman in 2006 at a pivotal time in our development, and has led Young's very successfully into a new era.  I know that shareholders, my fellow board members, and colleagues from across the company will want to join me in thanking him for everything he has done for Young's over the past 38 years, and to wish him a very long and happy retirement.

"Looking ahead, I am delighted that Nick Bryan has agreed to succeed Chris as non-executive chairman.  He is extremely experienced, has played a valuable role as a non-executive director over the past five years, and I am very much looking forward to continuing to work with him in the future."

Ends

Note:  In a separate RNS announcement, Young's has today published its preliminary results for the 53 weeks ended 4 April 2011.

For further information, please contact:

Young & Co.'s Brewery, P.L.C.	020 8875 7000
Stephen Goodyear, Chief Executive
Peter Whitehead, Finance Director
MHP Communications	0203 128 8100
John Olsen / James White

 

END

 

 

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