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Last checked at 
14 Nov 2008 12:00
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Heavitree Brewery PLCΒ ("Heavitree" orΒ the "Company")
Trood Lane
Matford
Exeter
Devon EX2 8YP
14Β NovemberΒ 2008Β
Result ofΒ StrategicΒ ReviewΒ
The CompanyΒ announcedΒ onΒ 27Β JuneΒ 2008Β that it was conducting a strategic review of its business followingΒ the anticipation of aΒ Β small operating loss for the six-month period to 30 April 2008 and against the backdrop of a prevailing negative industry outlook.
This review has now been completed and theΒ Heavitree BoardΒ announces that itΒ is proposing to implement a re-structuring of its business through the closure ofΒ its managed house operation.Β The proposed changes are likely to affect up to 30 jobsΒ and the Company will now embark on a consultation process with the employees affected.
Over the course of the next few months allΒ of the 20Β houses currently under managementΒ will transfer to tenancy and/or lease and the search for new tenants/leaseholders is already underway. This process should be completed by the end of April 2009Β at which point the tenanted/leased operation willΒ number 84 houses.
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The Board has given careful consideration to all the options available before choosing the one which, it believes,Β shouldΒ place the Company in the strongest possible positionΒ to meet the challenges and opportunities that lie ahead, whilst providingΒ the best foundation forΒ offeringΒ sustained profitability and long-term value.
Ends.
G J Crocker - Managing DirectorΒ
01392 217733
P Keane - Shore Capital and Corporate Limited, Nominated AdviserΒ
020 7408 4090
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