The Westminster Arms
(Picture: Shepherd Neame)Britain’s oldest brewer Shepherd Neame said it was back in the black today after two years of losses but warned sales at the firm’s London pubs had lagged well behind the rest of the country.
The 400-year-old brewer, which makes Spitfire and Bishops Finger beer, posted profits of £7.4 million in the year to June 2022, turning around a £16.4 million loss the previous year, clearing a path to acquire a number of new pubs and eye opportunities for further acquisitions in the months ahead. Sales over the summer to September this year were nearly 10% ahead of last year.
Shepherd Neame boss Jonathan Neame told the Standard: “During the two years of Covid we lost substantial amounts of money and we’ve had to borrow more [but now] we’re back to investing and we’re back to paying a dividend.”
“We feel much more optimistic this year than we did last year for our prospects.”
The firm welcomed government support to deal with soaring energy costs but warned the price of a pint was likely to increase further amid a continued rise in supply chain costs.
Neame said footfall in the firm’s London pubs – which include the Savoy Tap on the Strand, The Cheshire Cheese off Fleet Street and Old Doctor Butler’s Head in Moorgate -- was some 30% behind pre-pandemic levels during the year, but that the figure had shrunk to 11% in recent weeks.
Shepherd Neame shares fell 1.4% to 655p. The stock is down 30% since the start of the year.
