Last checked at 14 Nov 2008 12:00
Heavitree Brewery PLC ("Heavitree" or the "Company")
Trood Lane
Matford
Exeter
Devon EX2 8YP
14 November 2008
Result of Strategic Review
The Company announced on 27 June 2008 that it was conducting a strategic review of its business following the anticipation of a 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 the Heavitree Board announces that it is proposing to implement a re-structuring of its business through the closure of its managed house operation. The proposed changes are likely to affect up to 30 jobs and the Company will now embark on a consultation process with the employees affected.
Over the course of the next few months all of the 20 houses currently under management 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 2009 at which point the tenanted/leased operation will number 84 houses.
The Board has given careful consideration to all the options available before choosing the one which, it believes, should place the Company in the strongest possible position to meet the challenges and opportunities that lie ahead, whilst providing the best foundation for offering sustained profitability and long-term value.
Ends.
G J Crocker - Managing Director
01392 217733
P Keane - Shore Capital and Corporate Limited, Nominated Adviser
020 7408 4090