Young’s, the brewery group, which this week told workers it was moving out of London, has been accused of running a “shambolic” auction of its historic premises.
The company said its merger of its operations with Charles Wells, in Bedford, would free up the 5.5-acre Ram Brewery in Wandsworth for sale and said it was poised to announce a deal with a developer to buy the buildings at a price thought to be around £80m.
But the sales process has caused bad feeling among some of the losing bidders.
Advisers to Roxylight, a developer which bid for the site with Blackstone, the US private equity group, yesterday criticised Young’s handling of the sales process.
James Lock, of CB Richard Ellis, said he was sceptical about the new bid. “Should they fail to conclude a deal this time, deal fatigue will become a genuine risk as potential purchasers begin to question the pricing aspirations of Young’s” he said.
Other groups vying for the brewery included Barratt Homes, Multiplex and an Israeli company.
References: Financial Times 27/05/06 page 4
