Target shooting
Key institutional investors are unhappy with the slow pace of change at Scottish&Newcastle (S&N), the UK’s largest brewer, and have issued a warning that S&N’s management is failing to deliver on promises to turn around the pubs and brewing business. Brian Stewart, S&N’s chairman, has been singled out for target shooting by the investors. The accusation: he seems to appear less dynamic and focussed than other chairmen in the brewing industry.
S&N’s decision not to pull out of pubs altogether has been interpreted by shareholders that S&N was confused about its future direction.
In January, S&N Retail, the pub and restaurant arm of S&N, confirmed that it was planning to dispose of 920 of its 2,373 managed houses and axe 1,300 jobs at its Scottish Courage unit..
Select offer and read on
6 print issues