London Pride brewer, Fuller’s, sells entire beer business for £250m
London-based Fuller’s Brewery said it has sold its entire beer business to Japanese drinks maker Asahi for £250m.
The 174 year-old firm, based in Chiswick, west London, said that under the terms of the deal, the family-run firm will sell the production and distribution of its iconic ales to the European arm of the Japanese brewer.
Shares in Fuller, Smith & Turner were 15.5 per cent higher at lunchtime Friday on news of the deal.
“This deal secures the future of both parts of our business including protecting the heritage of the Griffin Brewery in Chiswick, which was particularly important to the Fuller’s Board,” said Simon Emeny, Chief Executive of Fuller’s.
“We remain incredibly proud of the Fuller’s Beer Business, its history and the high quality premium beer and cider portfolio that we have developed. Brewing has formed an integral part of our history and brand identity, however the core of Fuller’s and the driver of our future growth is now our premium pubs and hotels business.”
“I am delighted that this transaction maintains Fuller’s long association with the Beer Business and that we will continue to enjoy a strong relationship with Asahi as a key supplier.”
Akiyoshi Koji, CEO of Asahi Group Holdings, said the deal was borne out of a longstanding respect for the Fuller’s brand.
“We have long admired the brewing business and exceptional beer brands that Fuller’s has built over the years and the high degree of respect it commands throughout the global beer industry.
“Fuller’s is one of the few brewers that show the same genuine commitment to brewing excellence and quality that we do. We strongly believe that the brands of the Beer Business, including London Pride, Frontier and Cornish Orchards among others, complement our premium portfolio in the UK market.”