Young's nets £70m for London brewery site

London pub company Young's has netted almost £70m for its historic Ram's brewery site in Wandsworth.

In May the company announced it would be selling up and relocating its brewing business to Charles Wells's Eagle brewery in Bedfordshire as part of a new joint venture, Wells & Young's Brewing Company.

The £69m deal, which sees buyer Minerva paying a £14m deposit today with additional payments to follow up to 2008, includes Young's Buckhold Road offices but not its Brewery Tap public house, which is located on the brewery site.

Since the start of the current financial year, the pub company has acquired 10 new sites, with two further pubs due to complete tomorrow and a third on 7 August.

The acquisitions represent an investment of £24.7m and include the Fire Stables, Wimbledon; the Grange, Ealing; Prince Alfred, Maida Vale; the Hand & Spear, Weybridge; and the Crown & Anchor in Chichester.

On completion it will bring the company's estate of managed and tenanted pubs to 221, and with cash from the deal Young's expects to add substantially more over the next 18 months.

Young's to sell famous Ram brewery in London's Wandsworth >>

Is the end near for Britain's independent breweries? >>

By Chris Druce

Get your copy of Caterer and Hotelkeeper every week -