Fuller,Smith&Turner PLC
27 February 2006
Monday 27 February 2006
Fuller, Smith & Turner P.L.C.
Update on strategic review following acquisition of
George Gale and Company Limited
Fuller, Smith & Turner P.L.C. ("Fuller's" or the "Company") has today provided
the following update on its strategic review of George Gale and Company
Limited's ("Gales") operations having completed the acquisition of that business
in December 2005.
As a result of an extensive review of brewing operations and successful trials
at the Griffin Brewery in Chiswick, brewing will cease at Gales brewery in
Horndean, Hampshire on March 31, 2006. The Company will continue to operate a
full distribution and warehousing operation in Horndean.
The main Gales brands - HSB, Butser, Festival Mild and Prize Old Ale - will be
brewed at Chiswick. Some of Gales seasonal beers will continue to be brewed and
available at various times as part of the seasonal calendar. Production of Gales
Bitter, a recent addition to Gales range, will be discontinued as a result of
clear customer preference since Fuller's London Pride was made available across
the Gales estate.
The combined businesses continue to perform well and in line with market
expectations. The Board expects annualised cost savings of at least £3 million
through the elimination of duplicated functions, operational efficiencies and
the benefits of scale following the acquisition.
Chief Executive Michael Turner said: "Fuller's has invested over £17million in
the Griffin Brewery over the last six years, and this has helped to ensure the
quality and consistency of our beers and underpinned our success. There is
capacity at Chiswick and the investment required to continue brewing at Horndean
would sadly be prohibitive.
"I would like to pay tribute to everyone at the Horndean Brewery. Since our
acquisition of Gales, the team in Hampshire has been exemplary in assuring that
the union of these two family brewers is as seamless as possible."
Fuller's will announce its preliminary results for the year ended April 1, 2006
on June 9, 2006 and will provide a further update at that time.
- ENDS -
For further information, please contact:
Fuller, Smith & Turner P.L.C
Press Office 020 8996 2175 / 2198 / 2048
Michael Turner, Chief Executive 020 8996 2048
Paul Clarke, Finance Director 020 8996 2048
Merlin 020 7653 6620
Paul Downes 07900 244 888
Vanessa Maydon 07802 961 902
This information is provided by RNS
The company news service from the London Stock Exchange
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