(Alliance News) - Adnams PLC on Thursday said Chair Jonathan Adnams is to step down, marking the end of the family's representation on its board.

The Suffolk-based brewer said on Thursday that Adnams would step down before next year's annual shareholder meeting, pencilled in for June 2025.

Adnams is a descendent of George and Ernest Adnams, who founded the cask ale brewer in 1872 in the seaside town Southwold, and is the last person holding the family name on the board.

The Adnams family remains a major shareholder in the company.

Adnams also said it has "made progress" in its search for fundraising after saying in February it was looking for financial backing to support "future growth plans".

It said on Thursday it has "secured interest from multiple parties".

"A board committee is currently evaluating indicative and non-binding proposals based on its agreed framework to determine which route offers the best long-term value for the company and its shareholders," Adnams said.

It comes amid reports the historic brewery was exploring an outright sale earlier this year.

Sky News reported in March that Adnams had hired advisers from restructuring firm Alvarez & Marsal to look at its options following a funding squeeze.

Adnams, which also operates a number of pubs, booked a pretax loss of GBP4 million last financial year after rising inflation hit its bottom line.

However, it added that falling inflation had "eased some costs" since the start of 2024.

Longstanding Chief Executive Andy Wood will also step down from his role at the end of June, to be replaced by Chief Financial Officer Jenny Hanlon.

Hanlon will be the first female CEO in the Adnams' 150-year history.

Adnams shares were untraded at 2,100.00 pence on Thursday afternoon in London. They last sold for 2,375.00p on Tuesday morning.

By Alex Daniel, PA Business Reporter

source: PA

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