UK brewer and pub group Adnams has appointed its CFO, Jenny Hanlon, as the new CEO, succeeding the retiring Dr. Andy Wood.
Hanlon joined the brewer’s board in 2020 and has been a part of the company ever since. She was previously working at Greene King, Barclays, and GPR Group in financial responsibilities. She will assume leadership on July 1st.
She takes over from Dr. Wood, who has been Adnams’ CEO since 2010. Adnams stated that he will continue in a consultancy role until the end of the year.
“Looking forward, it’s critical that we maintain our innovation and evolution in all areas—our brand and product line, our brewing, distilling, and distribution operations, and our estate—while upholding the same principles and commitments that have so successfully supported our clients, communities, and coworkers,” Hanlon stated.
The company’s brand portfolio features Ghost Ship and Old Ale. Additionally, the group runs around 45 pubs and inns throughout the UK.
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Last month, Adnams engaged advisers to lead fundraising efforts as the pub group seeks to enhance its financial position.
When contacted, Adnams representative stated, “We have given advisors instructions to look into a variety of options to fund our future growth plans.”
In its most recent publicly disclosed financial statements, Adnams recorded a deficit of £2.4 million ($3 million) for the six-month period that ended on June 30, 2023. During this timeframe, the group generated a turnover of £29 million, yet incurred operating expenses amounting to £32.5 million. Additionally, outstanding creditor amounts due within a year from that period were reported to be £17.4 million.
“Due to ongoing pressure on input prices and decreased demand, especially in the first quarter of the year, operating losses rose to £2.4 million. In addition to controlling borrowing levels in the present higher interest rate environment, the company’s priority remains on cash creation, Adnams Chairman Dr. Jonathan Adnams stated when the accounts were submitted.
“Jenny is the perfect fit to lead us through the next phase of Adnams’ evolution, which includes stabilising our financial footing and leveraging our unique strengths,” Dr. Adnams stated in reference to Hanlon’s appointment as CEO.
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