27th Feb 2006 09:30
Fuller,Smith&Turner PLC27 February 2006 Monday 27 February 2006 Fuller, Smith & Turner P.L.C. Update on strategic review following acquisition of George Gale and Company Limited Fuller, Smith & Turner P.L.C. ("Fuller's" or the "Company") has today providedthe following update on its strategic review of George Gale and CompanyLimited's ("Gales") operations having completed the acquisition of that businessin December 2005. As a result of an extensive review of brewing operations and successful trialsat the Griffin Brewery in Chiswick, brewing will cease at Gales brewery inHorndean, Hampshire on March 31, 2006. The Company will continue to operate afull distribution and warehousing operation in Horndean. The main Gales brands - HSB, Butser, Festival Mild and Prize Old Ale - will bebrewed at Chiswick. Some of Gales seasonal beers will continue to be brewed andavailable at various times as part of the seasonal calendar. Production of GalesBitter, a recent addition to Gales range, will be discontinued as a result ofclear customer preference since Fuller's London Pride was made available acrossthe Gales estate. The combined businesses continue to perform well and in line with marketexpectations. The Board expects annualised cost savings of at least £3 millionthrough the elimination of duplicated functions, operational efficiencies andthe benefits of scale following the acquisition. Chief Executive Michael Turner said: "Fuller's has invested over £17million inthe Griffin Brewery over the last six years, and this has helped to ensure thequality and consistency of our beers and underpinned our success. There iscapacity at Chiswick and the investment required to continue brewing at Horndeanwould sadly be prohibitive. "I would like to pay tribute to everyone at the Horndean Brewery. Since ouracquisition of Gales, the team in Hampshire has been exemplary in assuring thatthe union of these two family brewers is as seamless as possible." Fuller's will announce its preliminary results for the year ended April 1, 2006on June 9, 2006 and will provide a further update at that time. - ENDS - For further information, please contact: Fuller, Smith & Turner P.L.CPress Office 020 8996 2175 / 2198 / 2048Michael Turner, Chief Executive 020 8996 2048Paul Clarke, Finance Director 020 8996 2048 Merlin 020 7653 6620Paul Downes 07900 244 888Vanessa Maydon 07802 961 902 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Fuller Smith & Turner