AGM trading update & Board ch

RNS Number : 0759Z

Young & Co's Brewery PLC

15 July 2008

 



15 July 2008

Young & Co.'s Brewery, P.L.C. ('Young's' or the 'Company')

AGM Trading Statement & Board Changes

AGM Trading Statement 

At today's AGM, Christopher Sandland, Chairman of Young & Co.'s Brewery, P.L.C. made the following comments about trading:

'I am pleased to report that we have had a sound start to the year which is in line with our expectations, notwithstanding continuing tough trading conditions.  Managed house sales for the 15 weeks to 12 July were up 5.3% in total and up 3.2% on a like for like basis.  

'We believe that Young's premium market position, well invested sites and quality food offering makes us well placed to withstand the current trading pressures.

'All of the seven pubs acquired at the end of the last financial year have been successfully converted into the Young's format and are all trading satisfactorily. Since the year end we have acquired two further freehold pubs, and opened a third.

'Whilst we continue to be mindful of the broader economic outlook, we are positive about the positioning of the business and its resilience. We look forward to being able to report continued progress in the coming year.'

Board Changes

The board of Young's is pleased to announce the appointments of Roger Lambert and David Page as non-executive directors with effect from 1 August 2008.  Roy Summers O.B.E, today retires as a non-executive director of the Company. 

Roger, aged 49, worked for 26 years in corporate finance at JPMorgan Cazenove, the leading UK investment bank, where he was a senior Managing Director with responsibilities for corporate client coverage of the consumer sector.  He has a wealth of relevant expertise in brewing, drinks and hospitality, having acted for over 25 companies in the sector. He was involved in many of the major transactions which have changed the industry in recent years and has developed considerable advisory expertise in the area of small, family and medium sized companies.

David, aged 56, is the co-founder and chairman of The Clapham House Group plc. Under his leadership, Clapham House operate over 90 restaurants trading as Gourmet Burger Kitchen, The Real Greek, The Bombay Bicycle Club and Tootsies. Prior to founding Clapham House, David spent the previous 27 years with Pizza Express plc; initially as managing director of the largest franchisee group, becoming chief executive of the holding company in 1993, chairman in 1998 and returning to the post of chief executive in 2002. He is also non-executive Chairman of Clerkenwell Ventures plc and a non-executive director of Singer & Friedlander AIM 3 VCT plc.

Commenting on the two appointments Christopher Sandland, Chairman, said:

'I am delighted to welcome Roger and David to the board.  Both have extensive knowledge of the leisure sector.  In addition, Roger's wealth of City experience and David's track record of running and growing consumer-facing businesses will be great assets to Young's.  I have no doubt that both Roger and David will bring a fresh and independent perspective to the Board and we look forward to working with them on the continued development of our business.'

Enquiries:

Young & Co.'s Brewery, P.L.C.
Christopher Sandland, Chairman Stephen Goodyear, Chief Executive	020 8875 7000
Hogarth Partnership
James Longfield / Sarah Richardson	020 7357 9477

Notes to editors: 

Roger Mark Uvedale Lambert has been a director or partner in the following companies and partnerships in the previous five years:

Name of company/ partnership	Still a director or partner (Y/N)
Blechingley and Hathersham Estate Company	Y
Poundhill Farmers	Y
Queen's Elm Square Management Company Limited	Y

Roger is legally and/or beneficial interested in 1,000 A shares and 1,000 non-voting shares in the capital of Young's. 

David Michael Page has been a director or partner in the following companies and partnerships in the previous five years:

Name of company/ partnership	Still a director or partner (Y/N)
Best Hatts Limited	Y
Boxlane Limited	Y
Crestgale Limited	Y
CHG 2 Limited	Y
CHG 3 Limited	Y
CHG 5 Limited	Y
CHG Brands Limited	Y
The Clapham House Group plc	Y
The Real Greek Food Company Limited	Y
Souvlaki & Bar Limited	Y
Nilecroft Limited	Y
Odsey Limited	Y
Overpark Limited	Y
Seahawk Limited	Y
Clerkenwell Ventures plc	Y
Singer & Friedlander AIM 3 VCT plc	Y
Gourmet Burger Kitchen Limited	Y
GBK Franchises Limited	Y
Tootsies Holdings Limited	Y
Tootsies Restaurants Limited	Y
Urban Dining Limited	Y
TD Scotland Limited	Y
Dellasud Limited	Y
Gondola Limited	N
Pizzaexpress (Soho) Limited	N
Pizzaexpress Limited	N
Pizzaexpress (Restaurants) Limited	N
Pizzaexpress (Franchises) Limited	N
Pizzaexpress (Wholesale) Limited	N
Al Rollo Limited	N
Pizzaexpress Merchandising Limited	N
Pasta Di Milano Limited	N
Pasta Holdings Limited	N
Urban Dining Limited	N
Godfrey & Father (Bath) Limited	N
Godfrey & Father (Bristol) Limited	N
Citygate Restaurants (Basingstoke) Limited	N
G & F Holdings Limited	N
Godfrey & Father (Beckenham) Limited	N
Godfrey & Father (Brighton) Limited	N
Godfrey & Father (Bromley) Limited	N
Godfrey & Father (Croydon) Limited	N
Godfrey & Father (Kingston) Limited	N

Apart from the above, there are no disclosures required to be made in respect of either Roger Lambert or David Page under rule 17 and Schedule Two paragraph (g) of the AIM Rules.

 

END

 

 

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