Charles Wells reports fall in turnover following brewery sale

Pub company Charles Wells has reported a fall in turnover following the sale of its brewing arm to Marston's in June 2017.

The company, which sold its brewing business for £55m, saw turnover fall to £136m in the 12 months to 30 September 2017 from £194m a year earlier, with a pre-tax loss of £9m in comparison to profits of £2m the previous year.

Accounts filed with Companies House detail a £56m hit to turnover from the sale of the brewery, while the pub business saw turnover grow by £2m year-on-year.

The sale of its brewing arm also means Charles Wells had £9.2m in the bank, compared to £54.5m of debt 12 months previously.

Charles Wells plans to build a new £13m, 30,000-hectolitre brewing complex in Bedford, which is planned to be operational by summer 2019. In the meantime, the company is focused on achieving "strong growth" within its pub divisions.

In the financial period one pub partner site and one managed site were opened, while two unviable sites were sold.

Charles Wells France recorded record-breaking results for the year.

Marston's acquires Charles Wells Brewing and Beer Business for £55m>>

Charles Wells pub company posts drop in sales and profit>>

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