Acquisition of pub estate

Young & Co's Brewery PLC
10 November 2000


                        YOUNG & CO.'S BREWERY, P.L.C.


                    Acquisition of pub estate from Smiles


Young & Co.'s Brewery PLC, the Wandsworth based independent brewer and pub
operator, is pleased to announce today that it has entered into an agreement
to acquire 17 pubs from Smiles Holdings PLC, the Bristol brewer, for £5.8
million.

The pub portfolio consists of 15 managed pubs and two tenanted pubs based in
and around the Bristol area.  Young's will continue to stock Smiles' beers in
these pubs in addition to its own brands.  Smiles' beers will also be
available as a guest beer in the Young's tied estate and to the free trade.

Commenting on the acquisition agreement, Pat Read, Chief Executive of Young's
said:

'Expanding our pub estate is a key part of our growth strategy and we are
delighted to have secured this agreement to acquire such high quality pubs.
It provides us with a strong foothold in the West of England and we are
looking for more pubs along the M4 corridor and southwards to the coast.'

Young's currently holds an 11% stake in Smiles Holdings PLC, the holding
company of Smiles Brewing Company.


For further information:

Pat Read, Chief Executive
Peter Whitehead, Finance Director
Young & Co's Brewery                  020 8875 7000

James Longfield/John Olsen
Hogarth Partnership                   020 7357 9477