Wells & Young's Acquisition

Young & Co's Brewery PLC
17 January 2007

17 January 2007

                            Young & Co's Brewery PLC

            Wells & Young's Brewing Company acquires Courage brands

Young & Co's Brewery PLC is pleased to announce that its brewing joint venture,
the Wells & Young's Brewing Company Ltd ('W&YBC'), has agreed to acquire the
Courage portfolio of ale brands from Scottish and Newcastle UK ('S&N') for an
undisclosed sum. W&YBC was formed by Young's and Charles Wells in October 2006.

Under the terms of the agreement with S&N, a new company is being formed called
Courage Brands Ltd, which will be 83% owned by W&YBC, with S&N holding the
remaining 17%. W&YBC will manage the business from its Brewery in Bedford, where
it will produce, market and sell the Courage beer portfolio - Courage Best
Bitter, Directors, Courage Mild and Courage Light Ale.

S&N has entered into a supply agreement with Courage Brands and will continue to
sell and distribute Courage brands throughout its direct regional on-trade
business. W&YBC will be free to promote the brands within its own customer base
and seek new stockists around the UK. It will also take on existing S&N national
pub accounts, wholesalers and the take-home sector.

Commenting on the deal, Steve Goodyear, Chief Executive of Young's said:

'This a great strategic move for Wells & Young's and further consolidates its
position as the UK's leading specialist cask ale brewer. The Courage brands are
famous around the world and perfectly complement W&Y's already strong portfolio,
which includes the UK's fastest growing standard ale in Young's Bitter and the
UK's fastest growing premium ale in Wells Bombardier.'

                                    - Ends -

For further information please contact:

Hogarth Partnership                                                020 7357 9477
James Longfield / Georgina Briscoe


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