Kent-based brewer and pub operator Shepherd Neame has defended its decision not to inform shareholders about an informal sale-and-leaseback offer for its pubs that would have wiped out its £40m debt.

A spokesman said a property company made an approach early last year to acquire "certain assets", but this was rejected because the plans were unworkable under the conditions attached.

He added that Shepherd Neame had no obligation to inform the market because it was not a formal offer for the whole company and it had not been pursued.

"The proposal was completely inconsistent with the company’s strategy of being an integrated brewer and pub operator, which has the support of the majority of shareholders and has delivered 30 unbroken years of profit growth," said the spokesman.

by Angela Frewin