Adnams faces fresh criticism

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FT.com / Companies / Food & Beverage - Adnams faces fresh criticism from GPG.

It's not often I blog on individual companies but this is different. This is an attack on the best brewer in the world (have you tried their beer - and have you tried it at the Lord Nelson in Southwold?):

Adnams, the Suffolk-based brewer and pub operator, was forced on to the defensive on Monday following fresh criticism from Guinness Peat Group, the activist investor and rebel shareholder.

GPG, which holds 5.4 per cent of Adnams’ B-shares and 2.5 per cent of the voting rights, has been pushing for changes to the group’s corporate strategy and an end to the dual share structure.

Adnams has drawn sharp criticism from GPG over its trading performance over the past year. GPG has questioned the rationale behind the millions that the brewer has invested to modernise its production facilities.

It has also queried Adnams’ move into wine retailing, saying that the brewer should concentrate instead on building its beer and pub business in its East Anglia heartland.

I would no more trust GPG with Adnams than I would UBS with my tax return.