Annual Report
for the 52 weeks ended 30 March 2026
Distinctively different
Strategic Report
01 Distinctively different
06 Financial highlights
07 Operational highlights
08 Chairman’s statement
10 Young’s at a glance
11 Our locations
12 Our business model
14 CEO statement
19 Strategy in action
– Investing in our estate
– Hand-picked acquisitions
– Investing in our people
26 Key Performance Indicators
27 Business and financial review
32 Sustainability report
62 Principal risks
and uncertainties
66 Viability statement
67 Section 172(1) statement
Corporate Governance
73 Governance at a glance
74 Chairman’s corporate
governance statement
76 Board of directors
78 Senior leadership team
79 Corporate governance report
85 Nominations
committee report
87 Audit committee report
93 Remuneration
committee report
114 Directors’ report
Shareholder Information
183 Notice of meeting
190 Explanatory notes
to the notice of meeting
193 Directors and advisers
193 Shareholder information
194 Young’s pubs and hotels
Contents
Financial Statements
117 Independent auditor’s report
Group financial statements
125 Group income statement
126 Group statement
of comprehensive income
127 Group balance sheet
128 Group statement
of cash flows
129 Group statement of changes
in equity
130 Notes to the consolidated
financial statements
Company financial statements
171 Company balance sheet
172 Company statement
of changes in equity
173 Notes to the company
financial statements
We are
distinctively
different
Like most families, our history is rich and full
of stories – we’ve been around since 1831. And just
like any family, we’re brimming with eccentric
and exciting characters, from our quirky pubs
to the amazing heroes who run them.
John Young was a true eccentric. Passionate,
colourful, creative, and brilliant. He was a maverick
– bloody-minded and big-hearted. He marched
to the beat of his own drum and lives on in our
memories as an almost mythical character.
Today, this individuality shines through in the
character of our pubs, the spirit of the people behind
their bars, in their kitchens, and working their rooms.
01Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Strategic Report
Reassuringly
magical
Pubs with character and heritage
Every pub, every room, and every experience is carefully crafted to stand out.
From the distinctive style of our heritage venues to the personalised service
we offer, we take pride in being original. It’s not just about looking different.
It’s about creating spaces where people feel welcomed, inspired, and part
of something special.
Strategic Report
02 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Individually
styled
Providing kudos and character
Our rooms at Young’s are more than just places to stay. They’re spaces to
make memories. Each room is thoughtfully designed to offer comfort and style,
ensuring that your stay feels personal and special. It’s not just about staying,
it’s about experiencing more. Each room has a bespoke design to ensure
your stay is truly unique.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 03
Strategic Report
Uniquely
talented
Celebrating our individuals
Our team members are at the heart of everything we do, and we provide
the support, trust, and opportunities for them to thrive. It’s not about ticking
boxes – it’s about fostering passion, creativity, and growth. Together, we build
a culture where everyone can make a real impact, both with our customers
and within the team.
04 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Strategic Report
Deliciously
indulgent
Tradition with a modern twist
Our food at Young’s celebrates timeless favourites with a modern twist.
We take classic flavours, elevate them with quality ingredients, and add
a contemporary touch that excites today’s tastes. It’s about comfort and
creativity coming together – honouring heritage while delivering memorable
dishes that feel both familiar and refreshingly new.
05Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Strategic Report
Financial highlights
1 Reference to an ‘adjusted’ item means that item has been adjusted to
exclude a non-underlying cost of £12.0 million (2025: £33.5 million).
2 The dividend, in respect of the period ended 30 March 2026, is
expected to be paid on 15 July 2026 to shareholders who are on
the register of members at the close of business on 5 June 2026.
3 Net assets per share are the group’s net assets divided by the shares
in issue at the period end.
Revenue (£m)
£508.2
2025: £485.8
Operating profit (£m)
£59.3
2025: £37.9
Profit before tax (£m)
£41.1
2025: £18.1
Basic earnings per share
45.19p
2025: 16.10p
Dividend per share
2
24.44p
2025: 23.06p
Adjusted operating profit (£m)
1
£71.3
2025: £71.4
Adjusted profit before tax (£m)
1
£53.1
2025: £51.6
Adjusted EBITDA (£m)
1
£115. 2
2025: £113.6
Adjusted basic earnings per share
1
64.56p
2025: 61.84p
Net debt to adjusted EBITDA
2.7x
2025: 3.0x
Net debt (£m)
£307.0
2025: £336.3
Net assets per share
3
£12.98
2025: £12.47
Net assets (£m)
£793.4
2025: £774.4
Strategic Report
06 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Operational highlights
22.9% LFL growth
We aced Wimbledon
Key sporting events continue to be a priority for us, with
Wimbledon leading the charge. Our local Wimbledon pubs
were packed throughout the tournament, with an incredible
22.9% LFL sales growth vs the previous year.
10 1 best-ever weeks
Record-breaking Christmas
Young’s pubs continued to be the centre of festivities over
the Christmas period with a record-breaking festive period.
Over 100 of our magnificent pubs set new best-ever weeks.
We’re proud to look back on a truly record-breaking year – one where long,
sun-soaked summer days and an exceptional Christmas season helped our
teams shine brighter than ever. The following examples highlight the spirit
and success that define Young’s.
6 micro-breweries
Our brewing roots
Young’s are proud to have six micro-breweries within the estate.
Young’s sold almost 350k of our own brewed pints this year.
One of the highlights of the year was tapping into Young’s
history, bringing back the classic Waggledance, brewed using
honey from our very own bees at the White Bear (Kennington).
£305,000
Raised for charity
This year we raised over £300k for our long-standing charity
partner, Wooden Spoon. From the magnificent Ram 100-mile
cycle, to the yearly Scrum Dine with Young’s, as well as the
Maddy’s Mark Charity Hike and the Property Team walk.
All our pubs, our customers and support teams get together
to support our charity partner.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 07
Strategic Report
Chairman’s statement
It has been another strong year for Young’s. While the
macroeconomic environment remained unpredictable, our long-
standing, proven strategy of operating a premium, differentiated
and well-invested managed pub estate has continued to deliver.
Total revenue increased 4.6% to £508.2 million, driven by
strong like-for-like sales growth of 4.7% across our managed
house estate and underpinned by continued investment in our
estate. This supported both genuine volume and value growth
across the business. Despite the well-publicised National Living
Wage, National Insurance and food inflation headwinds that were
absorbed during the year, we delivered adjusted profit before
tax of £53.1 million (2025: £51.6 million) – an increase of 2.9%.
Those achievements are an absolute credit to our management
team, led by our Chief Executive, Simon Dodd, and supported
tirelessly by our fantastic teams throughout the company.
During the year, we invested a total of £36.1 million in our
estate – including major schemes at a number of pubs, such
as the Half Moon (Putney) and The Stag (Belsize Park), where
we closed the pub for a full top-to-toe renovation. This exciting
project completely revitalised the pub, creating a new dedicated
garden room and a private space for parties and other functions
upstairs. Just after the year end, we acquired Cubitt House
pubs, a collection of eight iconic leasehold pubs and pubs with
bedrooms in West London. This acquisition aligns perfectly with
our strategy of growing in London, and operating well-invested
pubs in prime locations. Importantly, the business remains
conservatively financed, with net debt of £307.0 million and
2.7 times our adjusted EBITDA at year end.
Another milestone for Young’s has been our move from AIM
to the Main Market of the London Stock Exchange, which
completed on 28 April 2026. In recent years, Young’s has
grown considerably, both in size and performance and the
board believes that the move up to the Main Market will further
enhance our corporate profile and appeal, including the ability to
attract new investment from a wider pool of investors, plus people
and organisations we wouldn’t otherwise have reached. It will
also improve liquidity of shares and ensure we’re fit for purpose,
not just for the next few years, but in the decades ahead.
As part of the move to the Main Market, we are required to
form a nominations committee for the first time. Some good
foresight from the board meant this process was already
in motion, even before we’d announced our intention to
move up. As such, we held our first committee meeting in
November 2025. The committee, which I chair, is responsible
for executive team succession planning and the appointment
and re-appointment of non-executive directors, among other
responsibilities. Many aspects of our governance already met
Main Market standards, but the move has naturally prompted
us to look at what else we may need to consider enhancing
in the future. This includes board composition following the
departure of Sarah Sergeant who stepped down from the
board on 31 March 2026.
I am also delighted to announce that Sonita Alleyne will be appointed
as a non-executive director of Young’s after the end of the AGM.
Sonita brings a wealth of experience across governance, media and
public service, together with a strong track record as a non-executive
director and senior leader. This knowledge will be invaluable to the
board, and we are all hugely looking forward to working with her.
The board continues to engage in strong debate and respectful
challenge on a range of topics and played a key role in ensuring
the whole business was well prepared to move to the Main Market.
I have spent time in quite a few boardrooms as an advisor over the
years, and I do believe that the strength of Young’s board is one
of the reasons the company manages to consistently punch above
its weight.
The board is pleased to recommend a final dividend of 12.22 pence.
If approved by shareholders, this will result in a total dividend of
24.44 pence (2025: 23.06 pence), a 6% increase. This is expected
to be paid on 15 July 2026 to shareholders on the register at close
of business on 5 June 2026.
We’re proud to be different to other pub groups. Our ability
to combine being a successful business with giving individuals
throughout Young’s the opportunity to show their entrepreneurial
spirit is a particular strength. We trust our people and empower them
to do what they think is right for their pub. If you go down to the
Guinea Grill (Mayfair), you’ll find mouth-watering steaks, perfectly
poured Guinness and one of the best Dry Martinis in town. Or, you
may decide to visit The Lamb (Hindon), which hangs and ages its
own meat, an idea that came from the operations manager there,
and you can enjoy one of the best steaks in the West Country.
Naturally, it’s important to strike a balance between individuality
and managing costs effectively, but Young’s does this exceptionally
well, with each of our pubs having its own distinct character,
embodying the essence of Young’s.
Looking at the year ahead, Young’s, along with the rest of our
industry, continue to face cost pressures and macroeconomic
uncertainty. However, we are confident we’ll keep the curve
heading in the right direction, aligned to our strategy of continuing
to invest in our premium and differentiated estate combined with
selective acquisitions.
Our bicentenary is only five years away and we’re determined to
maintain our positive trajectory up to and beyond that significant
milestone, reflecting the strength, resilience and growth potential
of our business model and leading market position.
Before I sign off, I would like to thank all our teams across the
estate for their continued hard work. To our people, you are what
make Young’s such a wonderful company to be a part of. To our
executive directors, thank you for your leadership and dedication.
To the non-executive directors, thank you also for your support
and guidance. Finally, to our shareholders old and new, thank you
for your ongoing support.
Steve Cooke Chairman
20 May 2026
We are committed to being
distinctively different
Strategic Report
08 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
“ It has been another
strong year for Young’s.
Our long-standing,
proven strategy has
continued to deliver.”
Steve Cooke
Chairman
Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Strategic Report
09
Young’s at a glance
Authentic
Our heritage is the
foundation of our
success. We’re proud
of where we’ve come
from but have our
sights set firmly on
the future.
Assured
We deliver quality
without the need to
shout about it. Craft,
care, and consistency
are at the core of
everything we offer
– great experiences
speak for themselves.
Community
We are an essential
part of the community.
We love our
customers, and we
are loved by them.
We believe in local
community celebration.
Convivial
We offer premium
yet personal hospitality.
Friendly, lively
atmospheres with
good humour.
Individual
Our pubs are as
individual as the
customers who
frequent them.
From the late-night
city bolt-holes
to oak-beamed
neighbourhood inns.
Our values
From stunning riverside terraces to flower-filled garden huts, our collection
of pubs have some of the best gardens in London, the South of England and
Wales. Inside, our pubs have style and character, and the people who work
with us have pride in our culture and passion for the work they do.
1831
Established
279k
Room nights sold
14.7m
Pints of lager sold
£28.9m
Young’s Food ‘Classics’ sales
7,477
Employees
Male
Female
41.5
58.5
£1,051.6m
Valuation of our estate
275
Pubs
Tenanted (1%)Managed pubs (99%)
Freehold (79%) Leased (21%)
79%
99%
1%
21%
1,065
Bedrooms
£19.8m
Project spend
£16.3m
Maintenance spend
Our estate
2024 2025 2026
£1,036.9m
£1,042.1m
£1,051
.6m
Strategic Report
10 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Our locations
Devon
Dorset
Hampshire
West Sussex
Surrey
East Sussex
Kent
Greater London
Hertfordshire
Gloucestershire
Wiltshire
Oxfordshire
Berkshire
Buckinghamshire
Cambridgeshire
Norfolk
Avon
Somerset
4
1
9
5
4
3
3
9
1
1
3
3
4
2
3
22
183
Bedfordshire
1
Essex
1
Newport
Swansea
Cardiff
1
1
10
1
Lewisham
Southwark
Lambeth
Sutton
Merton
Wandsworth
Kingston-
upon-Thames
Richmond
Hounslow
Hammersmith
& Fulham
Ealing
Kensington
& Chelsea
Brent
Westminster
Barnet
Camden Enfield
Islington
Hackney
Newham
Tower Hamlets
Greenwich
Bromley
City of London
1
9
18
1
1
7
1
16
8
2
5
2
6
3
2
7
5
9
1
11
11
12
12
32
1
Hillingdon
42
South West
42
South East
5
East
3
Wales
183
Greater London
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 11
Strategic Report
Our business model
1
27
The Young’s
difference
What we need to create value
How we create value
We have a unique combination of characteristics that create the Young’s
difference, which enables us to deliver long-term value.
A winning culture
Our teams, their knowledge,
expertise, and the relationships
they build with our customers is
fundamental to our success.
Prime locations
Our pubs are mostly
located in areas with
a high proportion of
affluent customers and
within walking distance
of public transport links.
Distinctive pubs
with ambience
We pride ourselves
on creating pubs
with character and
atmosphere that build
on our 194 year heritage.
3
The freehold advantage
We run a predominantly freehold
estate that gives us greater control
and opportunities within the business,
as well as benefitting us from the
increase in property values.
4
Revenue mix with
quality food offer
With our 64% drink, 30% food and
6% accommodation mix, we benefit
from a more balanced revenue
stream and build a reputation
as a quality food destination.
Buying power
Our scale and relationship
with our suppliers means
we can source the best
products at the best prices.
6
Sustainable
approach
We go beyond thinking
about profit to create
a business that does the
right thing for society,
our local communities
and the environment.
People
Read more
on page 24
Knowledge
Read more
on page 10
Brand and
heritage
Read more
on page 1
Assets
Read more
on page 20
Finance
Read more
on page 6
5
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12 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
The value we deliver to stakeholders
We create long-term sustainable
growth through strategic investments
in our estate, our people and our
communities, delivering value for
all of our stakeholders.
Employees
Creating rewarding careers for our people, with equal
and fair opportunities for all.
Customers
We create places where our customers come to relax
and enjoy themselves. We offer the highest quality
of service across our pubs and pubs with rooms.
Investors
Sustainable financial growth and dividends
for our shareholders.
Suppliers
Benefit from the long-standing relationships we build
with our suppliers, based on an ethical and fair approach
that benefits all parties.
Society and our communities
Our pubs are at the heart of their communities and
play a vital role in bringing people together. They form
an integral part of British life, and we have the power
to unite people and make a positive contribution
to the communities we operate in.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 13
Strategic Report
CEO statement
It was a record-breaking 12 months for the business in several
ways, the most significant of which for Young’s was surpassing
half-a-billion-pounds in revenue for the first time. We also
delivered record performances across a number of individual
days and weeks at various pubs across the estate.
This performance was achieved despite the continued
headwinds and cost pressures that are impacting our
entire industry, including those associated with increases in
National Living Wage, National Insurance and food inflation.
Despite these challenges, I am pleased to report that our
well-invested, premium estate has once again delivered
an excellent set of results. Total revenue was up 4.6%,
and 4.7% on a like-for-like basis to £508.2 million
(2025: £485.8 million), and adjusted EBITDA up 1.4% to
£115.2 million (2025: £113.6 million). Our operating margins
remain industry leading at 14.0% and adjusted profit before
tax increased by 2.9% to £53.1 million (2025: £51.6 million).
Total profit before tax was £41.1 million (2025: £18.1 million)
with the significant increase primarily due to a lower net
downward movement in our annual property revaluation,
and a reduction in impairments recognised. Pleasingly, our
earnings per share is tracking ahead of profit growth, reflecting
the ongoing positive impact of our share buyback programme
and an improved effective tax rate.
As always, this success would not have been possible without
our amazing people. They are at the centre of everything we
do, at all levels of the business. Whether it is in our kitchens,
behind our bars, or at our head office, Copper House, they are
the beating heart of Young’s. That is why development and
succession planning is so important to us. I’m proud to say
that at all four of our Directors of Operations are ‘homegrown’,
having worked their way up from other areas of the business
during their careers with us. Their progression at Young’s is
a great example of the emphasis we place on nurturing our
colleagues throughout their career. In turn, the true value
for us is their extensive knowledge and deep understanding
of our business.
We have the lowest number of vacancies we have ever had,
both front and back of house, and the average tenure of
those working at Copper House is now over seven years.
People want to work and stay working here; they feel
empowered; they can see clear career progression pathways;
and they understand what comes next. So, it is thanks to our
focus on our people that we are standing here today in arguably
the best position we have ever been in, well-positioned for the
future, and with a talented executive team in place as we enter
our next chapter.
It’s been a good start to the new financial year. Last spring was
characterised by sunny, dry weather, which helped us to deliver
a record-breaking performance in 2025. As such, it was always
going to be challenging to deliver meaningful growth against
such a strong comparator. However, we are pleased to report
that over the last five weeks our like-for-like sales increased by
3.4%. Total sales grew by 7.9%, including four weeks of sales
from the eight Cubitt House pubs we acquired in April 2026.
This growth, against double-digit growth last year, demonstrates
the benefits of our proven strategy.
Naturally, we are mindful that the uncertain macroeconomic
environment will continue to pose challenges to consumers.
However, we have plenty to look forward to, including the
football World Cup this summer, the new Rugby Nations
Championship which starts in July, a strong investment pipeline,
and the integration of the Cubitt House acquisition which
completed on 22 April. We are delighted to have added this
collection of eight iconic pubs and pubs with rooms to the
Young’s estate, with a ninth pub currently being developed.
They align perfectly with our strategy to grow in London.
Early in 2026, we announced our intention to move from
AIM to the Main Market of the London Stock Exchange to
make Young’s accessible to a wider base of investors, both
at home and internationally. Our move to the Main Market,
which completed on 28 April, has been seamless, with good
support from existing shareholders and a number of significant
new shareholders. This is an important part of our evolution
as a business, and a logical next step as we position Young’s
for continued long-term growth.
We are very optimistic about the future. The business has strong
momentum, like-for-like sales and profit are growing, and our
operating margin remains industry leading. We are continuing
to invest in our pubs and reaping rewards, and our acquisition
strategy is on track. While we can’t control the backdrop, we
are confident that everything within our control, our premium,
well-invested portfolio of pubs, and our people, is delivering
as it should, providing genuine resilience.
Simon Dodd
Chief Executive
20 May 2026
How dedication and expertise
sets Young’s apart
Strategic Report
14 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
“ We are very optimistic
about the future.
The business has
strong momentum,
like-for-like sales and
profit are growing,
and our operating margin
remains industry leading.”
Simon Dodd
Chief Executive
15Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Strategic Report
CEO statement continued
Strategic Report
16 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Q
What makes
Young’s different?
Next year marks 30 years since I first started working
in this fantastic industry. Having worked across
numerous pub groups during that time, I can say with
absolute confidence that Young’s is a truly unique
business. Our heritage and individuality is a point of
immense pride, and it is evident in every corner of
our estate.
This distinctiveness is driven by three core principles.
Firstly, we remain disciplined, focusing on our primary
expertise: running premium, individual, well-invested
pubs and pubs with bedrooms. We refuse to diversify
at the expense of our long-term proposition. Secondly,
we champion a flat organisational structure over
traditional hierarchy. Some of our most profitable
and significant investments in recent years have
originated not within the boardroom, but from the
entrepreneurial ideas of our general managers. Finally,
in periods of economic uncertainty, we double down
on our convictions. Rather than scaling back, we have
increased our investment in training, development,
and marketing. Most crucially, we have accelerated
our commitment to technology. Despite external
headwinds, we continue to invest millions into our
pubs and our people, ensuring we are always building
for the future.
CEO in conversation
Simon Dodd, Young’s Chief Executive, discusses what makes Young’s different,
and why we put people at the heart of the organisation.
Q
What’s the story behind
a record-breaking 2025
for Young’s?
Surpassing the £500 million revenue milestone was
a significant achievement for Young’s, serving as a clear
signal to the investor market and the wider industry
of our robust financial position. However, what I find
even more encouraging than the figures themselves
is the consistent manner in which our growth is being
delivered. This success is a direct testament to our
proven long-term strategy and the exceptional talent
of our entrepreneurial teams, who continue to drive
the business forward with passion and pride.
Innovation remains a primary driver of our growth.
About a year ago, we introduced our ‘Right Revenue’
artificial intelligence (‘AI’) software for our bedrooms,
and the results are now becoming evident through
increased average room rates and revenue per
available room (‘RevPAR’). After an initial period
of analysing our business patterns and customer
behaviour, the system now dynamically adjusts pricing
in real time, responding to competitor activity and
shifting demand. Crucially, this technology has allowed
us to remove a significant administrative burden from
our general managers. By automating these processes,
we enable our leaders to spend more time front-of-
house, supporting their teams and engaging with our
customers, areas where their expertise and presence
make the most meaningful difference.
Our next phase of AI evolution focuses on seamless
integration with major platforms. This will enable
customers to book directly with us via Google AI
searches, while also bringing us closer to full voice
technology integration. Soon, a customer will be able
to simply ask their smart assistant to book a table at
one of our pubs for next Tuesday at 7pm. Furthermore,
over half of our websites are now powered by ‘headless’
architecture. These templates load significantly faster
and boast a conversion rate almost double the industry
average. Not only do they encourage deeper digital
engagement, but they also streamline the booking
process for both rooms and tables.
We have also digitised the pub experience further
through enhanced order-at-table and click-and-collect
functionalities. Supporting this is our investment
in business intelligence software, which equips our
operations managers with the real-time data and tools
necessary to make informed, strategic decisions on
the ground.
A
A
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 17
Strategic Report
CEO in conversation continued
Q
What role do your people
play in Young’s success?
At Young’s, we place people at the heart of everything
we do. We believe in empowering our teams with the
freedom to operate authentically, providing them with
the trust they need to truly deliver. While we provide
a strategic framework rooted in our unique heritage,
we actively encourage our people to innovate within
that space.
We give our general managers the genuine autonomy
to ensure their pubs stand out as individual landmarks.
They have the ability to work closely with their local
communities to meet their specific needs; whether it is
hosting ‘ginspiration’ evenings or organising community
dog walks, our teams tailor their activities locally, rather
than following a script driven from the centre.
We place a significant focus on the principle of ‘right
manager, right pub’. We recognise that an exceptional
manager may occasionally be in the wrong business,
or could deliver an even greater impact in another pub.
As such, our leadership team work closely together
to ensure every manager has the appropriate level of
‘stretch’ and a well-defined career path. Whether that
involves progressing from a smaller-scale pub to a
flagship, or transitioning into an operations manager
role, we ensure every team member has an achievable,
structured plan in place. The same is also true of our
Copper House teams at every level of the business.
This commitment to clear, balanced, and tailored
development is precisely why our managers and Copper
House teams remain with us for the long term; they
know their growth is a priority at every level of the
business, and this will never change.
One of my favourite moments each year is our Young’s
Annual Awards, where we take the time to reward and
celebrate the extraordinary individuals who make Young’s
so unique. Often described as our very own ‘Oscars’,
the evening is a celebration of excellence across the
entire business. We present 15 awards to our deserving
winners, spanning categories such as Manager of the
Year, Operations Team of the Year, and Copper House
Team Member of the Year. It is a fantastic opportunity
to recognise the hard work and passion that continually
drives our success.
Seeing 600 people in the room cheering for the
winners and runners-up alike is a moving experience;
we are all there to celebrate the collective success of
Young’s, and it makes me feel very proud indeed.
Q
What’s next
for Young’s?
The City Pubs acquisition accelerated our growth
strategy by approximately four years and, although
very successful, is something we are not likely to
repeat in the short term. Moving forward, we will
continue to acquire pubs and pubs with bedrooms
on a smaller scale. Working with the board we have
agreed our primary focus will be to continue to grow
our presence in and around London. This will be
through a disciplined blend of freehold and exceptional
leasehold acquisition opportunities.
The acquisition of Cubitt House London Pubs in April
served as a clear statement of our intent to secure
high-quality leaseholds in busy, affluent locations.
These eight pubs, with a ninth soon to follow, are
arguably some of the finest establishments and
boutique bedrooms in the city. Situated in vibrant areas
of London, they represent an exciting new chapter for
the continued expansion of Young’s.
London remains a highly successful trading area for
us, yet we have acquired only a handful of freeholds
in recent years. By including premium leaseholds in
our strategy, we significantly broaden our access to
prime locations. Significant opportunities remain across
the capital where our presence is currently limited,
providing substantial scope for disciplined growth for
many years to come.
The outlook for 2026 is positive for Young’s, with
a wealth of major events on the horizon. We are
particularly looking forward to the FIFA World Cup
this summer and the inaugural Autumn Nations rugby
tournament, which concludes with an entire weekend
of finals at Twickenham in late November. Key dates
have become important drivers of our success; we
achieved a record-breaking Christmas and saw
significant like-for-like sales during this year’s Rugby
Six Nations. We are already seeing a high volume of
bookings and enquiries ahead of the World Cup, even
with the kick-off times being scheduled for later in
the evening. While customers will always appreciate
the informality of popping into their local, there is a
clear and growing desire to be part of these landmark
occasions, choosing our pubs to create lasting
memories with friends and family.
A A
Strategic Report
18 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Strategy in action
Investing in our estate
Our growth strategy remains focused
on investing in our existing pubs,
while making strategic acquisitions
when the right opportunities
present themselves.
3
12
Hand-picked acquisitions
We continue to carefully pursue
the right acquisitions, in locations
where our operating style is well
positioned to succeed. All acquisitions
have to pass our rigorous internal
investment criteria.
3
12
Investing in our people
We are committed to investing in
our people and nurturing internal
talent, enabling our teams to drive the
continued growth of our pubs through
exceptional customer experiences.
7
12
Our priorities for 2027
• This year we delivered
transformational schemes at the
Half Moon (Putney) and the Stag
(Belsize Park).
• We will continue to invest in and
enhance our estate, supporting
ongoing development and
delivering major transformational
schemes that strengthen the
long-term quality and performance
of our pubs.
Our priorities for 2027
• Selective disposals across the
last 18 months released capital
and resources, enabling us to
reinvest in more strategically
aligned opportunities.
• Integrating and investing in the
Cubitt House group will strengthen
our premium portfolio, enhance
operational synergies, and
accelerate growth.
Our priorities for 2027
• All four of our Operations Directors
are home-grown talent, developed
through our business and are a
testament to our commitment
to nurturing leaders from within
the business.
• Our people remain the bedrock
of the business, and we will continue
to invest in them to support
performance and collective growth
at Young’s.
The circled numbers refer to the principal risks and uncertainties on pages 62 to 66.
Delivering growth through
our three strategic priorities
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 19
Strategic Report
Strategy in action continued
Investing
in our estate
Our progress in 2026
• Since acquisition, The Stag (Belsize Park) was operated as
a tenanted business until it was handed back to us in August
2025. Following significant investment, we reopened it in
January and it is currently trading well ahead of expectations.
• We continued to invest in the former City Pub Group
estate, with targeted investment at the Aragon House
(Parsons Green), The Hoste (Burnham Market) and King
Street Brewhouse (Cambridge), further strengthening
our premium offer.
Key stories
Small things make a difference
We continue to invest in our pubs with rooms, completing a
full refurbishment of the bedrooms at The Alma (Wandsworth),
to further enhance the customer experience.
The renamed Daly’s Wine Bar & Beer Hall (City of London)
has been combined into a single site, while still maintaining
a clear point of difference between its two floors.
Location makes the difference
Following an investment of over £2 million, we created
a standout roof terrace at the iconic Half Moon (Putney),
further elevating the venue and expanding its year-round offer.
The Swan (Walton-on-Thames) had a full pub and garden
refurbishment to further capitalise on its Thames-side location
during the period.
Investing in our world-class pubs
and pubs with rooms remains key
to the success and long-term growth
of our business.
£36.1m
Invested in our existing estate
Strategic Report
20 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Delightful
ambience
The ambience in Young’s pubs is defined by a warm, unforced charm that
makes customers feel instantly at ease. Classic interiors blend with subtle
contemporary details, creating spaces that are characterful without feeling
dated. Soft lighting, comfortable seating, and the gentle hum of conversation
set a relaxed yet vibrant tone throughout the day. Attentive but unobtrusive
service adds to the atmosphere, ensuring the pub feels welcoming rather
than rushed. Young’s pubs offer an environment that is sociable, comfortable,
and quietly distinctive.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Strategic Report
21
Strategy in action continued
Hand-picked
acquisitions
Our progress in 2026
• In April 2026, Young’s acquired the iconic London-based
Cubitt House group, strengthening our premium portfolio
and creating a platform for future growth.
• The acquisition of the Cubitt House group marks an exciting
milestone as we begin integrating the group into the Young’s
business and unlocking the benefits of the transaction.
• We will continue to invest in the Cubitt House group
pubs and brand, enhancing the customer experience and
reinforcing the premium appeal throughout the coming year.
Looking ahead to next year
• Young’s remains acquisitive and well-positioned to drive
continued growth through acquisitions. The business
will continue to apply disciplined financial rigour to all
acquisition opportunities.
• By prioritising the right strategic approach, Young’s completed
a handful of individual site disposals over the last 18 months,
unlocking cash to reinvest in opportunities that better align
with Young’s long-term strategy.
We invest in hand-picked acquisitions,
in locations where we feel our style
of operation will thrive, to benefit
the local area.
275
Total managed pubs
Strategic Report
22 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Jaw-dropping
locations
Location is everything at Young’s. From hidden countryside retreats and
secret cocktail bars to beautiful, character-filled pubs found across the South
of England, each setting is chosen for its story, charm and sense of place.
It’s this mix of heritage locations and unforgettable surroundings that makes
every Young’s pub feel like a destination in its own right.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Strategic Report
23
Strategy in action continued
Our progress in 2026
At Young’s, people are at the heart of everything we do.
We believe that every member of our team has the capacity
to grow, thrive, and make a real difference, not just within
our business, but in their own careers and lives. From the
very beginning of their journey with us, we invest in training,
development, opening doors to opportunity and empowering
ambition. Our supportive environment is designed to spark
inspiration, unlock potential, and encourage every individual
to achieve their best.
Key stories
Our people make a difference
Internal succession remains one of Young’s key strengths.
We are committed to investing in our people, recognising their
potential early, and celebrating their growth and development
throughout their journey with Young’s.
Our flexibility makes the difference
Over the past five years, a notable accomplishment has been
the sustained growth of the Ram Agency. Established in 2021,
the agency offers flexible working arrangements that promote
work-life balance. Employees select their preferred hours and
locations by accessing available shifts online, allowing them
to construct schedules tailored to their individual needs.
Investing
in our people
We believe in investing in our
people and nurturing our own talent,
so they are able to continue to grow
our pubs by surprising and delighting
each of our customers.
811
Employees registered on the Ram Agency
Strategic Report
24 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Talented
individuals
Our team members are at the heart of everything we do, and we provide
the support, trust, and opportunities for them to thrive. It’s not about ticking
boxes – it’s about fostering passion, creativity, and growth. Together, we build
a culture where everyone can make a real impact, both with our customers
and within the team.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 25
Strategic Report
Key Performance Indicators
Revenue £m
This is our group revenue, mainly
consisting of our managed pubs.
Adjusted EBITDA £m
This is our earnings before interest,
taxes, depreciation and amortisation
adjusted to exclude any non-
underlying items for the group
(see notes 9 and 10).
Gearing %
This is our net debt divided by our net
assets (expressed as a percentage).
Like-for-like revenue %
This is our revenue movement for this
period compared with the previous
period for our managed pubs that
traded throughout both periods.
Adjusted profit
before tax £m
This is our profit before tax, adjusted
to exclude any non-underlying items
for the group (see notes 9 and 10).
Interest cover (times)
This is our adjusted operating profit
divided by our finance costs.
RevPAR £
This is our revenue per available
bedroom; it is the average room
rate achieved multiplied by the
occupancy percentage.
Adjusted earnings
per share (p)
This is our adjusted profit after tax,
divided by the weighted average
number of ordinary shares in issue
(see notes 9 and 15).
Recycling (tonnes)
This is the amount of waste we recycle
and divert from landfill.
We measure the development, performance and position of our business
against a number of key performance indicators. The reference to an ‘adjusted’
item means that the item has been adjusted to exclude non-underlying items.
These alternative performance measures have been provided to help investors
assess the group’s underlying performance.
2024 2025 2026
388.8
485.8
508.2
2024 2025 2026
92.2
113.6
115.2
2024 2025 2026
46.4
43.4
38.7
2024 2025 2026
3.4
5.7
4.7
2024 2025 2026
49.4
51.6
53.1
2024 2025 2026
7.1
3.6
4.0
2024 2025 2026
78.37
79.03
83.35
2024 2025 2026
62.97
61.84
64.56
2024 2025 2026
6,119
6,867
8,596
Strategic Report
26 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Business and financial review
Managed houses
It’s been another record-breaking year for Young’s. We passed
the £500 million revenue mark for the first time, with total
revenue up 4.6% to £508.2 million (2025: £485.8 million),
and up 4.7% on a like-for-like basis.
Despite battling well-publicised cost headwinds, conversion
has remained strong, and we also delivered record profit
for the period. Total adjusted pub EBITDA was up 4.0% to
£143.9 million (2025: £138.3 million) with adjusted operating
margins remaining strong and industry leading at 14.0%
(2025: 14.7%). The realisation of the main City Pub Group
integration benefits was completed by the half year, with the
final wine contracts moving across in December. Drink margins
are now up just over 1ppts across the acquired estate, and
food margins up just under 7ppts compared with this time
last year, reflecting the procurement benefits and operational
improvements that have been implemented since acquisition.
These remaining synergy benefits have helped to offset the
additional costs that Young’s has faced across the period,
including the increases in National Living Wage, National
Insurance and food inflation.
The year started extremely well. In stark contrast to last
year’s wet spring, the same period this year was the second
driest on record. The warm, sunny weather meant we were
able to fully capitalise on the investments made in Young’s
riverside locations, gardens, roof terraces and other outdoor
spaces, with the bank holidays in May delivering particularly
strong performances.
We had our biggest ever Wimbledon Tennis Championship,
breaking numerous daily sales records across our six
Wimbledon pubs. The iconic Dog & Fox in the heart of
Wimbledon Village delivered the highest ever weekly sales for
a Young’s pub, beating its own previous record by 29%, with
the Alexandra delivering its second highest ever weekly sales.
We delivered premium, experience-led activations across all
our Wimbledon pubs, elevating the occasion through standout
supplier partnerships and immersive experiences. From iconic
giant tennis balls at the Rose & Crown to a beautifully curated
floral garden at the Dog & Fox. These moments drove both
footfall and social engagement throughout the tournament.
At the Alexandra, we partnered with Stella Artois, the Official
Beer Partner of Wimbledon Tennis Championships, who took
over the rooftop and created an eye-catching exterior floral
display, which elevated the overall customer experience.
It was an exceptional Christmas across the group, with several
company records broken including the best week ever for the
Guinea Grill (Mayfair), which beat the group record set by the
Dog & Fox during Wimbledon earlier in the year. Total managed
house revenue for the key three-week festive period ending
5 January was up 11.2% on a like-for-like basis. On key days,
including Christmas Eve, Christmas Day and Boxing Day, trading
was particularly strong with like-for-likes up 12.3%, and the
former City Pub estate delivering 26% growth over Christmas
and Boxing Day, reflecting the impact of its alignment with
the wider Young’s proposition since acquisition. By focusing
on Christmas from mid-November, and preparing for the
period well in advance, we were able to maximise sales from
parties and after-work drinks in London, then from Christmas
itself at our sites outside the M25, and finally from New
Year celebrations.
The momentum continued into January, where sales
exceeded expectations. This was further supported with
The Stag (Belsize Park) opening in January, delivering a very
successful first weekend. This performance is expected to
continue this summer, thanks to the pub’s amazing garden.
Accommodation sales were boosted by our ‘One More Sleep’
promotion throughout January and February, offering customers
a second night’s stay on us. We launched our two and three-
course winter set menu for the second year running and saw
a higher uptake than in 2025, while the Six Nations rugby
tournament boosted trading momentum in February and
contributed to the busiest Saturday since Christmas.
Drink sales for the period were up 5.3%. Lager now holds
27.8% of total wet sales, boosted by the great weather at the
beginning of the period and general premiumisation of the
range through the continued growth and introduction of
products such as Hawkstone lager, Asahi Super Dry and Jubel
Mango. We continue to widen and diversify our range, with
more options on the bar to keep up with consumer demand.
Following a successful beer tender in the second half of the
year, we have started to roll out new products including Modelo
Especial, Jubel Lime (exclusive on draught to Young’s) and Stella
Artois, with further new listings expected in the coming year.
This year’s Spritz menus delivered greater variety and a more
balanced offer, with an increased focus on emerging categories
such as tequila and aperitifs. Longer, lighter serves continued
to resonate strongly with our customers, with the Sparkling
Marg, Pimm’s Fizz, Cuban Colada, and the ever-growing in
£69.7m
In sales during Christmas 2025
£14.2m
New best week ever set during Christmas 2025
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 27
Strategic Report
Business and financial review continued
popularity Hugo Spritz, all performing particularly well. We also
strengthened our focus on British provenance and innovation,
introducing brands such as Sapling Vodka, Burnt Faith Triple Sec
and Three Spirit within both alcoholic and alcohol-free serves.
The Spritz campaign delivered a massive £8.8 million in sales,
reflecting the continued customer shift towards longer drinks
and earlier drinking occasions.
Our Winter Cocktail campaign also performed strongly,
delivering £2.1 million in sales, a 34% uplift year-on-year.
Playful twists on classics, including the Sour Cherry Cuba Libre
and Hot Honey Picante, sat alongside established favourites such
as the Negroni, which continued to grow in popularity. Together,
both campaigns helped deliver a significant step forward for the
cocktail category, with a 16.2% uplift in year-on-year sales.
Stout remains in good growth, up 12.8%, and holds 10.2%
of the total drinks category, up from 9.6% the prior year.
During the year, we introduced Hawkstone Black and increased
our listing of Murphy’s stout, as we aim to create a genuine stout
category on the bar. This also helped us reduce our reliance on
Guinness which, despite its supply challenges in recent years,
remains a customer favourite and our top-selling stout by some
distance. Resurgent rosé wine sales were ahead of last year by
10.9%. While popular through summer months, sales have also
established themselves throughout the rest of the year with the
additional upsell opportunity of magnum bottles proving a hit
with customers.
Total food sales were up 3.5% and now form almost 30% of
total sales. We remain confident in our food strategy, with our
expert team of executive chefs working tirelessly to ensure that
British, seasonal and fresh produce are at the heart of every
dish we produce, and all our pubs have an individual food
vision within their business plans. To limit food cost increases,
our menus evolve monthly, taking advantage of the best of
British, premium and seasonal ingredients, and working with
our suppliers to ensure the finest quality and best price.
We continued with both our winter and summer seasonal
two and three-course set menus, capturing the quieter shoulder
periods around the busy summer and Christmas trading.
Combined, they delivered an increase on last year with volumes
up 7.1%. They were particularly well received in our food-led
pubs outside of the M25. Staying true to our pub heritage,
the pub ‘classics’ continue to outperform. Fish and chips remains
our top selling dish with more than 800k sold during the period,
delivering sales growth of 5.7%. Naturally, Sunday roasts remain
a cornerstone of the Young’s offering, with more than 700k
sold. Pleasingly, pubs such as The Alma (Wandsworth) continue
to feature highly across social media for their standout Sunday
roasts. Our strength in food was once again recognised by the
wider industry, with the Guinea Grill (Mayfair) and Oyster Shed
(Bank) retaining their AA Rosette and Smiths of Smithfield
(Farringdon) being awarded a two AA Rosette for the Grill
restaurant on the second floor, with its No.3 rooftop restaurant
holding an AA Rosette.
The Burger Shack received an updated menu and naturally
performed well during the warm and sunny start to the year,
with total sales up just over 1%. The next evolution, which has
already been launched in several pubs, is our fresh pizza garden
offer, building on the popularity of sharing dishes within small
or larger groups.
Total room revenue increased by 4.3% for the period to
£32.2 million (2025: £30.8 million), reflecting both the
continued momentum of previous years and the ongoing
conversion of the City Pub Group’s 228 rooms into Young’s
Rooms. This growth is underpinned by our clear positioning;
celebrating the unique experience and quirkiness of staying
in a pub.
We maintained our investment in pubs with rooms,
completing development schemes at The Alma (Wandsworth),
Rose & Crown (Wimbledon) and The Crown (Chertsey).
These investments remain critical in supporting long-
term growth and enhancing the quality of our estate.
Operational performance remained strong, with occupancy
increasing by 5% over the year. Overall RevPAR increased by
£4.32 to £83.35, reflecting both improved demand generation
and optimised pricing strategies. During the year, we successfully
embedded Right Revenue (an AI revenue management tool)
across all 56 pubs. This has streamlined our revenue strategy,
enabling us to capitalise on opportunities to drive RevPAR
growth, while strengthening data insights to inform forward
planning and identify emerging demand periods.
In line with our Young’s Rooms strategy, we further enhanced
our segmented approach, with an increased focus on our
‘Cityside’ properties, offering a compelling proposition within
20 minutes of major city centres while delivering the characterful
experience of staying in a pub. We also extended our package
strategy to drive longer lead-time leisure bookings. Sip, Supper
& Snooze ran from April to September, followed by Winter
Unwind through the autumn and winter months, with One
More Sleep in January and February driving incremental
demand during traditionally quieter trading periods. As we move
into 2026, we will also be launching our own unique Young’s
loyalty programme ‘You and Young’s’, rewarding customers
for staying in Young’s rooms.
We continue to invest in our people, regardless of the evolving
macroeconomic picture. It is no coincidence that all four of our
current Directors of Operations progressed through training
and development and access to the Young’s career pathway.
We provide our teams with the necessary skills to help them
reach their career goals. Our Graduate Training Programme
runs for two years and has been highly successful. It gives
graduates the chance to immerse themselves in the hospitality
industry and specifically what it means to work at Young’s.
The graduates rotate around our different departments
including marketing, finance, food, operations, people and
property. We are now in the third year, with two well-trained
graduates finishing their programmes; both have secured
permanent roles within our property and finance teams.
Our Self Development Programme, which runs over one year,
is designed to inspire every participant, from General Managers
and Head Chefs to Copper House team members, to explore
new horizons and unlock their full potential.
At Young’s, we offer apprenticeship programmes to enhance
our internal training and provide our teams with job-specific
qualifications that support their career paths both within our
company and beyond. The scheme has been running since
2015, and we currently have 85 apprentices in teams across
both Copper House and our pubs.
Strategic Report
28 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
22.9%
Ahead of last year’s
Wimbledon tournament
5 pubs
Set new best ever weeks during Wimbledon
85
Apprentices in teams across both
Copper House and our pubs
4 out of 4
Homegrown Operations Directors
£358k
New company-wide best week ever set
by the Guinea Grill (Mayfair)
32%
Of the above £358k sales were wine sales!
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 29
Strategic Report
Business and financial review continued
We’re also proud of the work we do to give back to our
communities, even when times are tough. During the period,
as part of our long-term relationship with the inspiring Wooden
Spoon Charity, we raised £305,000 through locally supported
initiatives across our pubs. The funds raised will go to support
Natasha’s Allergy Research Foundation, The Clink, Dogs for
Good, Maddy’s Mark, Farms for City Children and Pass the Plate.
Events included the Ram 100 sponsored bike ride, a challenging
course through the Surrey Hills, the now annual Scrum Dine with
Young’s fundraising evening and Maddy’s Mark Mighty Hike.
Investment
We’re committed to maintaining, developing and enhancing
our pubs, and invested £36.1 million in our existing estate in
the period. In January 2026, we reopened the Stag (Belsize
Park), having acquired the freehold interest during the prior
period. This follows a transformational scheme of more than
£5.4 million, including the installation of a new ‘Garden Room’
and an outdoor area complete with a fully retractable roof
to ensure rain never stops play. The Half Moon (Putney) was
another major investment completed during the year and
the pub reopened at the beginning of April 2026. The pub
and its much-loved music venue have been fully refurbished,
with a new roof terrace added to the second floor.
At the Hoste Arms (Burnham Market) we completed a
significant investment that saw us fully redecorate the bar
and introduce new furniture throughout. The Swan (Walton-
on-Thames) had a full pub and garden refurbishment to
further capitalise on its Thames-side location during the period.
The renamed Daly’s Wine Bar & Beer Hall (City of London),
formerly Daly’s Wine Bar and Temple Brewhouse, has been
combined into a single site, while still maintaining a clear point
of difference between its two floors. King Street Brewhouse
(Cambridge), formerly Cambridge Brewhouse, also had a
rebrand and full refurbishment, alongside some maintenance
works to the pub’s in-house brewery. Its independent design
targets the younger, more vibrant Cambridge demographic.
In addition, we delivered major investments at the Crown
(Chertsey), Crown & Anchor (Chichester), Onslow Arms
(Clandon), Aragon House (Fulham), Bear (Oxshott) The Bull
(Ditchling), Home Cottage (Redhill), Coopers Arms (Chelsea),
Victoria (Surbiton) and Larkshall (Chingford), with transformational
schemes at The Althorp (Wandsworth Common), Westgate
(Winchester) and the Old Fire House (Exeter).
Following the planned disposal of one non-trading former City pub,
the surrender of two leases, the sale of an unlicensed property and
then the freehold acquisition of one site, we finished the period with
a total of 275 pubs (2025: 277), including 56 pubs with rooms,
providing a total of 1,065 bedrooms.
Other key areas
Property
Our balance sheet strength continues to underpin the
ongoing development of our predominantly freehold estate
in highly desirable locations across London and the South
of England. We have continued to add value to this estate
during the year, and the total now stands at £1,051.6 million
(2025: £1,042.1 million).
Of our 275 pubs, 79% are freehold or long leaseholds with
peppercorn rents. The carrying value of property leases,
including long leaseholds, is separately recognised as right-of-
use assets in note 19. Each year we revalue our pub estate to
reflect current market values. CBRE, an independent and leading
commercial property adviser, has revalued all our freehold
properties. The valuation method used several inputs and the
sustainable level of trade of each pub remained key.
In accordance with UK-adopted international accounting
standards, individual increases in value have been reflected
in the revaluation reserve on the balance sheet (except to the
extent that they had previously been revalued downwards)
and individual falls in value below depreciated cost have been
accounted for through the income statement. None of these
adjustments have a cash impact.
23
Major development projects completed
during the year
>£750k
Average spend per project
Strategic Report
30 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Encouragingly, following a strong performance during the
period across the whole estate, we have seen a net upward
revaluation movement of £12.8 million (2025: downward
revaluation movement of £7.4 million). This comprises an
upward movement of £21.1 million (2025: £14.4 million)
reflected in the revaluation reserve, and a downward
movement of £8.3 million (2025: £21.8 million) as a result
of movements in pub EBITDAs, recognised as an adjusting
item in the income statement.
Treasury and going concern
At the period end, the group had committed borrowing
facilities of £310.0 million, and in addition to these we
maintain a £12.0 million overdraft facility with HSBC.
Our net debt (pre-IFRS 16) reduced by £24.1 million to
£224.4 million (2025: £248.3 million), driven by continued
strong cash generation. Our net debt sits at £307.0 million
(2025: £336.3 million). Our net debt to adjusted EBITDA
(pre-IFRS 16) ratio has reduced to 2.0 times (2025: 2.4 times),
while net debt to adjusted EBITDA ratio including lease liabilities
has reduced to 2.7 times (2025: 3.0 times).
As part of the directors’ consideration of the appropriateness
of adopting the going concern basis, the group has modelled
a base case and a sensitised ‘reasonable worst-case scenario’ for
the going concern period. The base case is the board-approved
budget to March 2027 as well as the board approved strategic
plan covering April 2027 to June 2027. The key judgements
applied are the extent of any influence on trade due to
economic uncertainty and its impact on consumer spending
or indeed other one-off demand shocks, and the cost pressures
that the hospitality industry is continuing to face.
The base case model assumes the group continues to trade
as now, while reflecting the inflationary environment that
currently exists across the going concern period. The sensitised
reasonable worst scenario looks at a decline in sales of 6%
and a 3% increase in costs after inflationary pressures already
included in the base case. This results in a 22% fall in EBITDA
across the period. The group has assumed capital expenditure
levels will continue at historical levels and no structural changes
to the business will be needed in any of the scenarios modelled.
In the base case and the reasonable worst-case scenario there
continues to be comfortable headroom on the group’s debt
facilities and all banking covenants are fully complied with
throughout the going concern period.
The group has also performed a reverse stress test case.
The test focused on the decline in sales and profit that the
group would be able to absorb before breaching any financial
covenants or indeed any liquidity issues. There would need
to be a sales reduction of c.22% and EBITDA reduction of
c.37% between April 2026 and June 2027 compared to
the base case, a reduction far in excess of those experienced
historically (with the exception of the restricted covid-19 period),
before there is a breach of financial covenants in the period
and is calculated before reflecting any mitigating actions such
as reduced capital expenditure.
Based on these forecasts and sensitivities, coupled with the
current debt levels and the ongoing debt structure in place,
the board is confident that the group can manage its business
risks and therefore continue in operational existence for the
foreseeable future. For this reason, the group continues to adopt
the going concern basis in preparing its financial statements.
Retirement benefits
We have a defined benefit pension scheme which has been
closed to new entrants since 2003. During the year, our pension
scheme deficit has reduced from £4.3 million to a net deficit of
£0.9 million, driven by an increase in the discount rate which
has resulted in a decrease in the scheme’s liabilities. We have
continued our commitment with another year of special
contributions, totalling £1.9 million, and remain fully committed
to ensuring the pension scheme is adequately funded.
Adjusting items
Total adjusting items were £12.0 million in the period
(2025: £33.5 million). The reduction in adjusting items largely
relates to a £13.9 million decrease in the downward movement
in the property valuation, resulting in a net movement of
£7.7 million (2025: £21.8 million). Fees associated with the
move to the Main Market of £2.4 million were recognised
during the period. Net losses on the disposal of properties
within the period were £0.5 million. The adjusting items also
include an impairment charge of £1.3 million related to right-
of-use assets offset by a reversal of £0.8 million in historical
lease impairments.
Tax
A tax charge of £13.0 million (2025: £8.1 million) was
recognised for the year. The effective tax rate was 31.6%
(2025: 44.8%) compared to the statutory rate of 25%, with
the difference primarily driven by adjusting items not deductible
for tax purposes together with prior period adjustments.
Further detail can be found in note 7.
Shareholder returns
Young’s is a long-standing business that started life in
1831 and we are determined to maintain our long-term,
sustainable growth story. Our top line trading performance
has flowed through to strong profit conversion and cash
generation. Adjusted earnings per share are 64.56 pence
(2025: 61.84 pence). On an unadjusted basis, the earnings
per share are 45.19 pence (2025: 16.10 pence). Reflecting our
strong profit performance and positive outlook, we are pleased
to recommend a final dividend of 12.22 pence and, if approved
by shareholders, this will give a total dividend for the year
of 24.44 pence, up 6% on last year (2025: 23.06 pence).
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 31
Strategic Report
Sustainability report
Together with our community, we are
building a better future for our people
and our environment.
Introduction from Simon
While our industry faces ongoing challenges, we continue to
adapt, strengthening our resilience, while pursuing growth.
Our people, our communities and our environment sit at the
heart of this. As environmental concerns and social responsibility
intensify, alongside increased legislation and the visible impacts
of climate change, Young’s recognises this opportunity, and we
will continue to invest in our three sustainability pillars to support
sustainable development and build long-term business resilience.
Our industry is evolving, making ESG critical to our business.
As environmental and social awareness rises, Young’s identifies
new possibilities and stays committed to sustainable growth.
We pursue sustainability with the goal: “Together with our
community, we are building a better future for our people
and our environment.” This principle guides us in fostering
prosperity for our communities and environment.
UN Sustainable Development Goals
Young’s has aligned with the UN’s Sustainable Development Goals (‘SDGs’), which are global objectives aimed at promoting health
and prosperity, while protecting the planet. Out of the 17 SDGs, Young’s has chosen six goals that are most relevant to our business
and fall within our three pillars of ESG: our people, our communities and our environment, as illustrated in the examples below:
Our people Our communities Our environment
Our focus
• We focus on the wellbeing of our
colleagues with comprehensive
financial and mental health support.
• We engage and empower our
teams with regular communication
and commitment to their
career pathway.
• We foster diversity and inclusion
through our approach to
appointments and training.
Our focus
• We play a positive role in our
communities and give back
where possible.
• We celebrate the best of British
and champion local suppliers
throughout our menus.
• We do our utmost to support
our suppliers and be fair
commercial partners.
Our focus
• We aim to reduce, reuse and recycle
our waste in the most sustainable
way possible.
• We implement new emissions-
saving technologies across
our estate.
• We work closely throughout
our supply chain to improve the
environmental impact of our
produce, from farm to fork.
Simon Dodd
Chief Executive
Strategic Report
32 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Our people Our communities Our environment
Our FY26 achievements
252,494
Ram Agency hours worked
158
Internally developed General
Managers and Head Chefs
811
Employees registered
on the Ram Agency
877
Pub team members attended
Service Master sessions
£305k
Raised for the
Wooden Spoon
3,583
Coats donated to
WrapUp London
839
Reputation Score
(industry average: 690)
£30k
Raised for the Ocean
Conservation Trust through
Plymouth Gin partnership
100%
Renewable energy
1,019
British Trees Planted
479,361
Litres of cooking oil recycled
71%
Recycling Rate
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 33
Strategic Report
Our people
Empowering
growth
Fostering well-rounded careers
Alignment to Sustainable Development Goals:
Strategic Report
Young & Co.’s Brewery, P.L.C. | Annual Report 202634
Shannon,
The Crown Chertsey,
Level 5 Operations
and Departmental
Management
Apprenticeship
Jack Deline,
White Hart Barnes,
Team Member
At Young’s, people are at the heart of everything we do. We believe that every
member of our team has the capacity to grow, thrive, and make a real difference,
not just within our business, but in their own careers and lives. From the very
beginning of their journey with us, we invest in training, development, opening
doors to opportunity and empowering ambition. Our supportive environment is
designed to spark inspiration, unlock potential, and encourage every individual
to achieve their best.
Training and development
Our training and development programmes are central to our
business. We want our teams to thrive, feel confident, and grow
doing what they enjoy most. Training is integrated throughout
the company, offering flexibility so individuals can advance at
their own pace and according to their specific needs.
We strive to meet employees’ interests. If someone expresses
curiosity about an area of the business we haven’t yet explored,
we make every effort, when appropriate, to develop a course
that will expand their knowledge.
Apprenticeships – At Young’s, we offer apprenticeship
programmes to enhance our internal training and provide our
teams with job-specific qualifications that support their career
paths both within our company and beyond. We have a wide
variety of courses available, covering many qualifications that
can be completed during working hours. Our commitment is
to encourage and support the learning and development of
every team member, helping secure a successful future for all
employees. Apprentices benefit from having a dedicated tutor
as well as peer support, which fosters personal growth and
builds confidence. This year, we have 85 apprentices, and here
is what Shannon can share about her experience:
Development opportunities
Whether through integrated training programmes or specific
opportunities to support individuals, we are committed to
meeting the diverse needs of our teams. When Jack Deline,
a team member from The White Hart pub in Barnes,
approached us for an opportunity to collaborate with the
sustainability team as part of his university master’s degree,
we were pleased to assist. Over an eight-week period, we
provided Jack with the necessary tools and resources to carry
out a consultancy project that contributed to the final part
of his studies. Upon completion, Jack presented his findings
to the executive team and shared the following reflection
on his experience:
Graduate Programme – Our graduate training programme
runs for two years and has been highly successful, giving
graduates the chance to dive into the hospitality industry.
This thorough programme provides practical experience
and outstanding learning opportunities across all parts of our
business. We are now in the third year, with two well-trained
graduates finishing their programmes; both have secured
permanent roles within our property and finance team: Ali Eatch
as trainee building surveyor and Oscar Martin as commercial
analyst. Here’s what they shared about their journey:
“I started off doing Management Academy seven
years ago and then was lucky enough to complete the
Young’s Self-Development Programme, so I was eager
for my next challenge. I sat with Gail Khan, Director of
HR, and discussed a range of options and I decided an
apprenticeship was the best step forward.
This apprenticeship has allowed me to reflect a lot on
myself, my management style and how to motivate my
team in different ways. It really does force you to manage
your time properly also, a skill I absolutely needed to
learn, and how to prioritise your time to get the best out
of yourself at work and in the course.”
“Working with Young’s on this consultancy project has
been fantastic. Not only have I deepened my sustainability
and energy efficiency knowledge, but I’ve also
sharpened my project management, data analysis, and
communication skills. A real highlight for me has been the
enthusiasm and openness of the teams, it’s inspiring to see
how engaged everyone across the business is in pushing
sustainability forward.”
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 35
Strategic Report
Our people continued
Toby, from the Prince Albert, has been a service master for
one year and shares the following about his experience:
“The work I do makes the pub feel like home for both the
team and customers and I find that quite special. Achieving this
and having the freedom to keep moulding the pub into the
best it can be is one of my favourite things about the position.
It is always important to focus on the bigger picture, keeping
both the business and the people in mind simultaneously.
I have gained so much from this company, my team, and my
general manager, Neil. I am excited to give back to the company
what it’s given me and make everyone proud!”
Thanks to the effectiveness of our service masters, our teams
continue to grow stronger each year. In FY26:
• 61 service master sessions were held;
• 877 service masters attended; and
• 90% sentiment score achieved.
Y-Factor – The Y-Factor sessions offer our newest team
members a chance to immerse themselves in Young’s heritage,
values, and vision for the future. Designed specifically for new
employees, these sessions are a great opportunity to share
Young’s history, beginning in 1831 when the company was
founded. With nearly two centuries of tradition, new recruits
are guided through significant milestones, from the purchase
of the Ram Brewery in Wandsworth, the Queen Mother pulling
pints, to the many animals that once called the brewery home,
including shire horses, donkeys, chickens, and guineafowl.
Young’s has certainly enjoyed a vibrant and fascinating history,
and no discussion of its heritage would be complete without
mentioning Young’s Original. Each Y-Factor session concludes
with every new team member pouring the perfect pint of
Young’s Original.
Internal succession
General managers
• 64% internal appointments; and
• 36% external appointments.
Head chefs
• 49% internal appointments; and
• 51% external appointments.
Internal succession remains one of Young’s key strengths.
We are committed to investing in our people, recognising their
potential early, and celebrating their growth and development
throughout their journey with Young’s.
Succession planning allows us to nurture talent, ensuring that
we are prepared for the future. By identifying and fostering
potential early on, we create a robust pipeline of capable and
motivated individuals ready to take the next step in their career.
This approach gives us a strong bench and empowers our
people to achieve their full potential. Our four directors of
retail operations, our chief operating officer and our head
of food, have all been promoted internally, demonstrating
our drive to support internal succession and invest in our teams’
career development.
“The breadth of opportunity across the programme was
incredible. We benefitted from exposure to multiple
departments including website design in marketing, Sundays
in the kitchen at the Alma, Wandsworth, condition surveys with
the property team and being behind the bar during Wimbledon,
creating hugely positive experiences that have been invaluable
in shaping both of us for our current roles.
Having an environment where we were able to recognise
both our strengths, and areas for development has helped in
developing us into well-rounded professionals and has fostered
a genuine passion for all things Young’s pubs which we hope
to continue to develop.”
A new graduate has now come aboard and is actively learning
about various positions in hospitality, gaining insight through
both mentorship and hands-on experience.
Self-Development Programme (‘SDP’) – Our self-development
programme is designed to inspire every participant, from
general managers and head chefs to Copper House team
members, to explore new horizons and unlock their full
potential. Through a diverse range of activities, individuals are
encouraged to strengthen their teamwork and communication
abilities, whilst embarking on journeys of personal growth.
This year’s SDP cohort brought a fresh spark of creativity,
collaborating on innovative group projects that tackled some
of Young’s most pressing sustainability challenges. Together,
they championed initiatives to reduce energy, water, and food
waste, while infusing the work with enthusiasm and meaningful
fundraising for our partner charity, Wooden Spoon.
Service Masters – Our service masters play a crucial role
– alongside their duties as assistant manager or supervisor,
they are responsible for inducting new team members as
well as all front-of-house training and service standards within
their pub. They embody the spirit of the pub, sharing their
expertise, promoting outstanding hospitality, and ensuring
operational excellence.
Several times a year, they meet up with others in their area
to attend service master training sessions, share ideas and
celebrate their successes. This role allows them to build soft
leadership skills such as mentoring, active listening, and effective
communication. It is an excellent platform for them to grow their
networks and allows operations managers to spot rising stars
and accelerate their development.
Every season, service masters who have achieved outstanding
results are rewarded. From each operations area the service
master who has the most improved customer sentiment, as
well as the service master whose pub has the highest customer
sentiment, are honoured with a celebratory evening recognising
their dedication and growth within the company.
Strategic Report
36 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Shaping the future of hospitality
As part of the Mayor of London’s Inclusive Talent Strategy,
our recruitment manager Joel Ormsby has joined the Greater
London Authority’s (‘GLA’) sector talent board (interim) for
hospitality. This initiative places employers and industry experts
at the heart of decision making to align GLA programming
with industry needs.
Joel will help shape GLA efforts to attract talent into hospitality,
including commissioning skills pilots, supporting diverse
pipelines, and designing a future permanent talent board.
At Young’s, we are dedicated to offering rewarding careers
in hospitality and attracting promising individuals at every level.
Communication
Keeping our people connected is at the heart of Young’s.
By nurturing these relationships, we create an environment
where learning flourishes, development is championed,
and collective progress is celebrated. Our aim is to spark
vibrant conversations that showcase best practice, encourage
collaboration, and provide a supportive platform for creativity
and advancement. This spirit of togetherness empowers
individuals to grow, share ideas and drive innovation throughout
our business.
Ram app – The Ram app is our digital learning platform, which
provides access to the ‘The Ramble’, ‘Glorious Hospitality’ and
‘Food Glorious Food’ pages. This is where our teams can access
our career pathway, development courses, training materials,
and be inspired. There is also a range of information and
resources that promote mental, physical, and financial wellbeing.
Kara Alderin,
Chief Operating
Officer
Kara joined Young’s as director of operations in July
2020, coinciding with the reopening of pubs following
the covid-related closures. This marked a particularly
distinctive period for the business, presenting Kara with
numerous challenges. Reflecting on this time, Kara shares,
“Needless to say, that was set to be a challenging year
for our industry, but one that enabled me to become
quickly immersed into Young’s, the complexities of
running premium, differentiated pubs and importantly
the wonderful culture than runs through the business.”
In January 2025, Kara stepped into the role of chief
operating officer and now leads overall operations
with a team of four recently appointed directors of
retail operations.
Through internal development Kara observes, “Succession
in Young’s is something that naturally threads through
all job roles at every level, all the time. My journey has
been supported by external coaching, 360 feedback and
exposure to many areas of the business. What’s unique
is that everything about development is bespoke, all the
tools are provided, and you own your development,
it doesn’t get much better than that.”
Sarah Beda,
Head of Sales
and Marketing
Sarah first joined Young’s 13 years ago as sales manager
for The Oyster Shed in the City of London focusing
on driving sales growth across pre-booked business.
After three years working in the pubs, Sarah moved
into Copper House on a maternity cover contract to
support the transformational rollout of Young’s online
booking system across what was then around 180
pubs. From there, she progressed through the sales and
marketing team, gaining broader experience, and in
2020 was appointed head of sales.
About this transformation Sarah shares, “Young’s has
played a significant role in my personal and professional
development. I’ve been supported to learn new skills,
challenge myself through development programmes,
and continually invest in my growth. Alongside this, the
business has supported me through key life moments,
including having two children, making it possible to grow
my career, while maintaining a healthy balance.”
The Ram is designed to engage with all our teams, regardless
of their role, location or working pattern, and encourages input
and sharing from all employees, spreading our company culture.
The Ramble – The Ramble is our digital platform, available to
every Young’s employee via the Ram App, designed to keep
everyone connected. It encourages people from all corners of
the business to share insights, noteworthy news, and events
from their pubs – from exceptional customer service moments
to community initiatives and team achievements.
Ram Pages – The Ram Pages is the company’s digital monthly
magazine distributed to all employees, where we recognise
and celebrate the success of people across our business.
It includes team contributions and updates, information on
new acquisitions and pub re-developments, recipe inspirations,
details on company benefits, wellbeing, internal vacancies,
competitions, and more. This year, we’ve introduced special
editions to keep engagement high and spark interest around
the magazine, covering a variety of topics from Sustainability
to Young’s heritage.
Service Stars – service stars is a programme designed
to acknowledge and celebrate outstanding individuals
in every part of our business. It showcases exceptional
achievements by individuals throughout the organisation.
Employees can nominate their peers for excellent service,
support, encouragement, or a consistently positive attitude,
with these recognitions being shared via our internal
communications across the business.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 37
Strategic Report
Our people continued
Annual Young’s Awards – Young’s annual Awards event is
one of the most anticipated nights of the year, bringing together
all general managers, support team members, and directors
for a grand celebration. The evening begins with a drink’s
reception, followed by dinner, and finishes with a sparkling
awards presentation, where 15 awards are presented across
a range of categories – from Best Newcomer of the Year to
Sales & Marketing Pub of the Year, to Copper House Team
Member of the Year, and more. It’s a special occasion dedicated
to recognising the hard work, achievements, and contributions
of everyone across Young’s over the past year – a chance for
the whole business to come together, celebrate, and enjoy
a night of shared success.
Salary Finance – To support employee financial wellbeing,
the company continued its partnership with salary finance,
an independent and FCA-authorised provider of loans, savings,
education, and financial planning tools. Over the period, almost
1,100 employees accessed the platform for advice and guidance,
an increase of 52% compared to last year. Approved were
70 loan applications for Young’s employees, primarily for
debt consolidation. Employees engage directly with salary
finance, ensuring confidentiality and independence, and the
company receives no financial benefit or commission from
this arrangement.
Share Save – Our savings-related share option scheme
continued to operate to encourage employee participation
in the company. Information was sent to eligible employees
directly and communicated to all employees using videos on
the Ram app, posters in the ram pages and briefings to all key
leaders at divisional meetings and area meetings. Following the
briefings, the information was cascaded to pub teams to ensure
all employees were fully informed about the scheme.
Information and consultation committee – The company
regularly engages with employees and their representatives
through its long-established information and consultation
committee. The committee supports and enhances internal
communication by providing business updates and structured
opportunities for feedback and consultation, while boosting
employee awareness, encouraging involvement, and supporting
ongoing business improvements. Employees based at Copper
House select committee members for two-year terms.
Teams based in the group’s managed pubs are represented
by a management representative as well as an elected
representative. Throughout the period, the committee met
every quarter, with an executive board member attending two
meetings to provide updates on trading, operations, and team
matters. After each meeting, a briefing sheet summarising key
outcomes is distributed throughout the company.
In addition to representative consultation channels via the ICC,
employees based at Copper House were invited to attend
regular town hall presentations, providing direct updates on
business performance and strategic developments. To encourage
openness and transparent two-way communication, teams were
able to submit anonymous questions to be addressed during
each session.
Flexible working/Ram Agency
Over the past five years, a notable accomplishment has been
the sustained growth of the Ram Agency. Established in 2021,
the agency offers flexible working arrangements that promote
work-life balance. Employees select their preferred hours
and locations by accessing available shifts online, allowing
them to construct schedules tailored to their individual needs.
This approach particularly benefits those who require non-
traditional work patterns and value adaptable employment
options. This flexible working arrangement also extends to
our pub teams, who can also pick up available shifts, providing
full flexibility for anyone seeking additional hours.
Employee health and wellbeing
The health, wellbeing and development of our employees
are central to our long-term success. We are committed to
fostering safe and healthy working environments, while creating
opportunities for our team to grow, develop their skills and
realise their potential.
105 Mental Health First Aiders – We continue to strengthen
our network of trained mental health first aiders and mental
health first aid champions across the organisation. These key
individuals provide immediate support and help signpost
individuals to appropriate professional resources where required.
In addition, wellbeing guidance is regularly shared through the
ram pages, ensuring employees can quickly access support and
crisis services when needed.
Licensed Trade Charity (‘LTC’) – Throughout the period,
the company continued to raise awareness of available team
support, including access to the Licensed Trade Charity’s
24/7 helpline and financial assistance. The charity, which
has supported the pub, bar and brewery sectors since 1793,
provides practical, emotional and financial aid during times
of crisis. Over the reporting period, more than 132 contacts,
including 12 emails and 1 live chat, were made by individuals
who identified themselves as Young’s employees, with eight
employees being referred for counselling and 33 counselling
sessions delivered, demonstrating meaningful engagement
with, and utilisation of, the support available. The LTC also
awarded nearly £53,000 in education and hardship grants
to Young’s employees.
In addition, with employees’ consent, to enhance the support
offered to employees in crisis, the Company proactively used
the LTC’s new management referral tool to help employees
access support where they did not feel able to approach the LTC
helpline directly themselves. This additional support has been
positively received by line managers and employees alike.
Strategic Report
38 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
5.9%
Mean gender
pay gap
5.2%
Median gender
pay gap
Bonus gender pay gap
26.1%
Mean bonus
gender pay gap
17.4%
Median bonus
gender pay gap
During this period, there were:
• 811 employees registered on the Ram Agency;
• 38,000 shifts covered by the Ram Agency;
• 538,115 shifts covered by Young’s pub teams; and
• 300,000 hours of Ram Agency hours worked.
We regularly receive feedback from the agency team
as outlined below:
Diversity and inclusion
Fairness, dignity, respect and inclusion remain central to our
people strategy and organisational culture. We are committed
to ensuring equal access to opportunity, development and
reward for all team members, recognising that diverse
perspectives and inclusive leadership contribute directly
to our long-term success.
Recruitment, succession and promotion decisions are based
solely on merit and objective selection criteria, without
discrimination on the grounds of gender, race, ethnicity,
disability, sexual orientation, religion, marital status, or
age. A strong focus is also placed on developing internal
talent pipelines to support succession and long-term
leadership capability.
The board maintains oversight of the application of these
principles across the business, ensuring diversity and inclusion
remain embedded in recruitment, training, development and
promotion processes.
Gender pay gap
Young’s has a mean gender pay gap of 5.9%, and a median
pay gap of 5.2%. The proportion of men and women receiving
a bonus is 24.5% and 22.7% respectively. Our mean bonus
gap is 26.1% and the median bonus gap is 17.4%. Our bonus
gender pay gap reflects the gender composition of our
workforce and we are pleased to see the reduction in the bonus
gender pay gap to reflect the fact we now have more females
in our organisation at senior levels.
The results are based on 6,121 team members, (2,538 female
and 3,583 male) and we are pleased to report that women
represent 41.5% of our total workforce on the snapshot date.
Women are well represented at all levels of our business.
Vincent Barulis
Team Member,
Ram Agency
“I first discovered The Ram Agency through a friend
in late 2023, just after finishing university. At the start,
I worked around two or three shifts a week while figuring
out post-uni life. The Ram Agency really helped me stay
afloat and independent in London. As my music career
grew and my schedule became more stable, I was able
to keep working on my own terms.
What I’ve loved most about working with Young’s is the
variety and the people. Every pub has its own personality,
but all share a welcoming atmosphere, great food, and
a real sense of quality. I’ve met brilliant teams, built
lasting friendships, and learned how to adapt to all kinds
of hospitality situations. The experience has boosted
my confidence, teamwork, and ability to stay calm
under pressure.
You’re not just picking up shifts; you’re becoming part
of a network of great people and great pubs.”
Female 41.5%Male 58.5%
O
ur demographics
P
roportion of team members
a
warded a bonus
Male
Female
22.7%
24.5%
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 39
Strategic Report
Championing
community
Creating lasting memories
Alignment to Sustainable Development Goals:
Our community
40 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Strategic Report
Our pubs serve as vibrant hubs within their communities, offering welcoming
spaces for social interaction, hosting memorable events with family and
friends, and providing exciting venues to watch thrilling sporting events like
the Guinness Six Nations rugby. Pubs are a cherished part of British culture,
fostering a sense of community and belonging, and contributing positively to
the local areas where they are situated. They are not just places to enjoy a drink,
but are integral to the fabric of society, bringing people together and creating
lasting memories.
Wooden Spoon fundraising
Across our expanding estate, our pubs actively support numerous charities and community events, including our partner charity,
Wooden Spoon. Working alongside this rugby-based children’s charity, we collaborate on several outstanding community-led
programmes that address a variety of challenges facing young people today. In FY26, we raised an impressive £305,000 bringing
our three-year total to £790,000. Our ambitious goal is to reach £1.0 million for the charity within four years of partnership.
This remarkable accomplishment showcases the outstanding commitment of our Young’s teams and motivates us to strive
for even greater positive impact in our communities.
Dogs For Good
Dogs provide essential support that enhances daily life for
children and young people with disabilities and social needs.
Each assistance dog requires a £25,000 investment over ten
years. In FY26, our funding enabled 120 Community Dog
Sessions across England, including schools, home education,
intervention groups, mental health units for under-18s, and
CAMHS. Parent feedback indicates participants are happier
socially, more confident around dogs, making friends, feeling
proud, and enjoying the sessions, demonstrating the charity’s
positive impact. We have also sponsored Woody’s training,
starting from his puppy days through to the completion of his
assistance dog programme, as he gets ready to be paired with
a young person in need.
£35,000
Amount raised
Natasha’s Allergy Research Foundation
One-in-three people have allergies. Natasha’s Allergy Research
Foundation provide research, education and leadership
to understand the cause and tackle the impact of allergies.
Born out of the tragic death of Nadim and Tanya Ednan-
Laperouse’s daughter Natasha, their vision is to make ‘allergy
history’ through research and to empower the hospitality
industry to provide a safe and inclusive environment for people
with allergies.
£50,000
Amount raised
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 41
Strategic Report
Our community continued
Farms for City Children
Farms for City Children is a charity that gives children from
disadvantaged backgrounds the chance to work together on
farms in the heart of the British countryside. The programme
boosts learning, supports wellbeing, and helps build skills that
can be used elsewhere, as young participants develop strong
connections with food, farming, and each other. The charity
believes every young person, no matter their background,
should have the opportunity to enjoy the many benefits of
spending a week as a farmer. The funds raised throughout
FY26 will support two school groups from inner city London
to attend a five-day residential farm programme.
£50,000
Amount raised
The Clink Charity
Founded in 2009, The Clink Charity has become one of the
UK’s leading organisations for prison rehabilitation and crime
prevention. It helps offenders learn new skills and earn catering
qualifications, giving them a genuine opportunity to reintegrate
into society, reduce reoffending, and enhance public safety.
The Clink also runs the Clink Training Café in South London,
which is the first dedicated centre for young people aged 16-25.
It provides hands-on training for every skill level and fosters a
welcoming community of supportive, like-minded individuals.
£50,000
Amount raised
Pass the Plate
Wooden Spoon’s ‘Pass the Plate’ campaign provides support for
food banks and community schemes up and down the country.
The partnership will help people struggling to feed their families
in these challenging economic times and will contribute to
putting food on the plates of many.
£50,000
Amount raised
Maddy’s Mark
Maddy’s Mark was established to remember Maddy Lawrence
who, sadly, died unexpectedly following a rugby injury while
playing for the University of West England in 2022. Not all
battles are fought on the pitch, and this charity exists to raise
funds in her name to promote positive mental health and
wellbeing in young women, through the sport of rugby.
£60,000
Amount raised
Strategic Report
42 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Our customers
We create welcoming spaces where friends and families
come together to enjoy memorable moments, delicious meals,
and great company. Our commitment to responsibly sourced,
seasonal British produce means every dish is bursting with
flavour and goodness, perfect for those seeking nutritious,
wholesome food. As tastes and eating habits change, we’ve
embraced the growing demand for plant-based choices,
ensuring that every pub menu features at least one vegan and
one vegetarian option, with many offering a wider selection.
You can always find something fresh and exciting to try.
Behind the scenes, our food development learning centre
at Copper House is where our talented chefs come up with
new creations, experimenting with the best seasonal ingredients
to bring innovative dishes to suit every palate.
Our drinks offer
In today’s market, customers increasingly seek a genuine,
high-quality, and distinctive selection of beverages when visiting
our pubs, perfectly served every time.
This year, we have introduced a secondary stout to give
consumers greater choice in this growing category.
Hawkstone Black and Murphy’s have both been launched,
offering distinctive stout styles and flavours that respond to
rising consumer demand — from an authentic Cotswolds stout
to a classic Irish stout, slightly lighter and sweeter in taste.
Jubel Mango was launched exclusively on draught for Summer
2025 to build on the success of Jubel Peach, targeting younger,
flavour-seeking consumers and driving further demand through
a distinctive, on-tap serve.
As one-in-three pub visits today does not include the
consumption of alcohol, we have continued to put a lot of
thought and care into our non-alcoholic offering, and our range
includes a wide selection of alcohol-free beers and spirits as well
as low-sugar soft drinks, to suit all needs. A number of which
are must-stock items in our pubs under our ‘soft drink/no and
low-stocking policy’. Our no and low-alcohol drinks range is
expanding as our suppliers adapt to the change in customer
preferences for different occasions. Estrella 0.0, Lucky Saint and
Peroni 0.0, sour draught alcohol-free lagers are available in over
90 pubs complemented by a range of alcohol-free packaged
beers and cider. We have also extended our alcohol-free spirits
offer and once again created a range of increasingly popular
alcohol-free and lower-alcohol cocktails and spritz serves as well
as strengthening our range of premium adult soft drinks.
Plymouth Gin & Ocean Conservation Trust
Since 2022, we have partnered with Plymouth Gin through
Pernod Ricard to launch an annual fundraising initiative.
Under this programme 50 pence from every Plymouth Gin and
tonic purchased in our pubs between April and June is donated
to the Ocean Conservation Trust. To date, this collaboration
has raised £70,000. Building on this success, we have set an
additional target of £30,000 for the coming year by pledging
50 pence from every Young’s ‘Signature Hugo Gin & Tonic’,
crafted with Plymouth Gin, to the Trust.
Funds raised are allocated to the Ocean Conservation Trust
Blue Meadows programme, supporting activities such as buoy
placement for the protection and active restoration of seagrass
beds, as well as ongoing monitoring and regeneration efforts.
These initiatives are designed to promote biodiversity, enhance
water quality, and facilitate increased carbon retention.
Saplings Spirit
Saplings Spirit is an award-winning producer of sustainable
spirits who we are proud to be working with. For every bottle
sold, a tree is planted, and through Young’s purchases in
FY26, 2,623 trees have been added to their forest, helping to
re-forest one hectare of land, roughly equivalent to 40 tennis
courts, and created 52 workdays for local tree planters across
restoration sites.
Saplings operate according to the principles of avoiding, reducing,
and then offsetting. They strive for climate positivity, focusing
not just on offsetting emissions, but on actively removing more
than they produce, thereby creating a positive impact. Guided by
a ‘less is more’ philosophy, their distilling process is purposeful
and selective, using only organic ingredients, refillable packaging,
and regenerative farming methods that go beyond sustainability
to actively restore the land.
Wooden Spoon
To assist Wooden Spoon’s activities and its various charitable
initiatives, a portion of the funds raised in FY26 has been donated
directly to Wooden Spoon. Their involvement is essential, as
many smaller children’s charities nationwide rely on their support
to obtain the critical funding needed to help children and young
people living with disabilities or facing disadvantage.
£10,000
Amount raised
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 43
Strategic Report
Our community continued
Our food offer
Fresh, premium, individual, British seasonal pub food.
Our chefs at each pub craft menus that highlight Britain’s
best seasonal ingredients, adjusting them as nature changes.
For instance, the length of time Wykham Park Farm asparagus
features on our menu, be it five or seven weeks, depends
entirely on the weather. From Isle of Wight tomatoes and
Brixham plaice to Jersey Royal new potatoes and Kentish plums,
it’s the outstanding freshness and quality of these products that
set our offerings apart. Chefs bring creativity to every dish by
using these ingredients in inventive ways.
You’ll find a wide range of experiences: Thor’s hammer sharing
shin of beef Sunday roasts at the Onslow Arms, daily boat-fresh
fish menus at the Crown & Anchor in Dell Quay, afternoon tea
at the Bull’s Head Chislehurst, and platters of chicken glazed
with wild garlic & beer-B-Q sauce at the King Street Brew House
in Bristol. There’s something to suit every palate.
We place great importance on seasonality and matching each
pub’s food style to our customers’ tastes. Our Young’s classics,
such as the short rib and brisket British beef burger, gluten-free
MCS Cyder battered haddock fish and chips, and our shortcrust
pastry pies, are served across all our pubs, and we are truly
proud of these signature dishes.
Mellow Yellow – Rapeseed Oil
Since 2016, Young’s has sourced Mellow Yellow’s premium
rapeseed oil, purchasing over 20,000 litres annually for use
across our kitchens. Beyond its exceptional flavour, Mellow
Yellow places environmental responsibility at the forefront of its
business. Duncan, a fourth-generation farmer, provided head
chef Holly Tyldsley with a comprehensive tour of the farm and
production facility, highlighting innovative processes that have
enabled Mellow Yellow rapeseed oil to become both carbon
neutral and plastic neutral, the first food product globally to earn
these certifications.
The team adheres to LEAF Marque standards when cultivating
rapeseed and ensures zero waste from the pressing process
by repurposing residual material as animal feed for local farms.
To further minimise environmental impact, they offset remaining
carbon emissions through reforestation and green energy
initiatives, while actively developing sustainable farming methods
at their Bottom Farm test field.
Food standards
Food Alert is a consultancy firm that collaborates with Young’s
to ensure comprehensive compliance in food safety and health
and safety. As part of this partnership, Food Alert conducts
audits on our operations up to three times per year, assessing
both food safety and health and safety standards. They also
manage investigations related to incidents, accidents, and any
food complaints received. Our collaboration has spanned
approximately seven years.
Furthermore, we perform annual internal reviews of various risk
assessments, which include evaluating dangerous machinery,
slips and trips, allergen management, chemical handling,
and manual handling procedures. We also utilise the platform
to maintain all our due diligence records.
Reputation score
• 839 (industry average: 690)
• 76% review sentiment (industry average: 72%)
All our pubs actively utilise the Reputation.com platform,
which generates a score out of 1,000 for each pub based
on reviews and ratings from platforms such as Google,
customer feedback, and digital presence. The platform
assists our general managers in understanding their
customers and their place in the local hospitality
ecosystem, providing insights to improve the overall
customer experience while streamlining feedback and
listing management.
Each year we celebrate the success our general
managers, who are leading, not only Young’s, but the
pub industry, in customer experience, known as our 900
club. Teams that maintain a score of 900 throughout
the financial period are invited to enjoy drinks with our
directors, toasting to a year of being our customers’
advocates, followed by a delicious meal at the Savoy Grill.
With an industry average reputation score of 690, our
best-in-class general managers really have pulled out all
the stops in offering their customers only the very best
service, resulting in scores of 900 or above with several
on the verge of achieving a score of 950.
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44 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
2026 Young’s Awards –
Sustainable Pub of the Year Award
William Reynolds, general manager at the Grove in Exmouth,
has truly raised the bar, earning the Sustainability Pub of the
Year Award thanks to his unwavering commitment to green
practices. William’s creative approach has turned his pub
into a vibrant heart of the community, where sustainability
and innovation go hand in hand. By repurposing old office
furniture, like out-of-use filing cabinets, he has cleverly fashioned
a flourishing fruit and vegetable patch. These homegrown,
seasonal ingredients make their way from the garden straight
onto customers’ plates, adding a wholesome, local touch that’s
both delicious and heartfelt. Every dish served is a testament to
William’s dedication, brimming with local flavour and genuine
care for the environment and community.
Wasteless pub project
Recycling rates
In FY26, working with our waste management partner Suez,
we continued to work closely with our pubs to raise awareness
and encourage positive actions around commercial waste
management. We set an ambitious goal for our pubs to reach
70% recycling rate, representing a 7% increase over last year.
We're pleased to share that we ended the year with a recycling
rate of 71%, exceeding expectations thanks to our pubs’
ongoing dedication to strong waste management practices.
Food waste
Over the past year, we have consistently collected and reported
data on our food waste to better understand the main sources
of waste in our pubs, whether from spoilage, food preparation,
or plate waste. This insight allows us to address problem
areas, helping us cut down on food waste and save on costs.
Since then, we've identified that food preparation accounts
for a sizeable portion of our waste. As a result, our chefs have
developed numerous recipes that use ingredients typically
discarded, transforming potential waste into profitable dishes.
The big green idea
This year we created a new initiative with Suez; we invited each
of our 19 unique areas across our business to propose their own
big green idea. The challenge required our pubs to focus on
creating social impact and developing community-based projects
that support local initiatives. Three winners were selected, each
receiving £5,000 to fund their project.
All submissions were reviewed by the senior management
team, who shortlisted the best options. Next, a panel including
members from both Suez and Young’s formed a committee
to narrow it down to the final three.
Winner 1: growing together:
community allotments
This group of green-thumbed enthusiasts are working to
transform an unused space at the Wood House, Dulwich into a
vibrant, sustainable garden. Collaborating with local schools and
businesses, the community allotment will stand as an example of
environmentally friendly living and shared learning. The initiative
focuses on returning to the basics of food by demonstrating
how planting local, seasonal produce allows you to grow and
harvest quality ingredients, which can then be used to create
memorable dishes for everyone to enjoy.
Winner 2: building brighter futures:
the Mahaba inclusive workforce initative
In our west end London pubs, particularly at the Grange
and Village Inn, the team has partnered with Mahaba, an
outstanding registered charity devoted to empowering people
with special needs to discover their strengths and succeed
in employment. They began by welcoming a handful of
apprentices, supporting them as they launch meaningful careers
and contribute to a lively community. To ensure everyone feels
at home, a SEND job coach helps and guides each new starter
throughout their journey at Young’s pubs.
Winner 3: advancing sustainable urban
food initiatives
Pubs in the West Country are concentrating on two primary
initiatives: fostering family farming by offering educational
opportunities and support through local community allotments;
and utilising the expertise of their highly trained chefs to teach
families how to cultivate and prepare versatile seasonal produce
into nutritious meals.
Additionally, many pubs in the region benefit from being
situated close to the coast, enabling seafood to feature
prominently on their menus. Recognising environmental
challenges such as climate change and overfishing that threaten
marine habitats, the west country teams are collaborating
with the national lobster hatchery in Padstow, a leader in
marine conservation dedicated to preserving native species.
Through this partnership, the team are working on developing
educational experiences for customers and chefs, including
team-building activities centred around lobster release events.
WrapUp London
Following another successful year supporting WrapUp London,
a charity dedicated to providing warmth during the winter
months by collecting and distributing unwanted coats to men,
women, and children, we are proud to report outstanding
results. With exceptional support from our pubs and their local
communities, we collected 3,583 coats, surpassing our target
of 3,000 and significantly exceeding the previous year’s total
of 2,700 coats.
In keeping with Young's tradition, we organised a special event
in support of WrapUp London. Our iconic shire horses and dray,
accompanied by santa, toured the streets of London on a cold
December day, collecting coats and raising awareness for the
charity's vital work, while spreading festive cheer throughout
the city.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 45
Strategic Report
Our environment
Committed to
sustainability
Transition towards a sustainable future
Alignment to Sustainable Development Goals:
Strategic Report
46 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
The illustration below provides an overview of the key features that have been
incorporated, or are being rolled out across the company’s estate, and represent
the current edition of the sustainable Young’s pub.
1
Cellar management
2
Renewable energy
3
Recycling and waste management
4
LED lighting
5
Ignite system
6
Waterless urinals
7
EV chargers
8
Solar panels
9
Gas conversion project
5
1
8
4
9
2
3
6
7
Young & Co.’s Brewery, P.L.C. | Annual Report 2026
47
Strategic Report
Our environment cont inued
Progress, challenges and initiatives
for a sustainable future
Over the past year, we have made significant strides in
enhancing our environmental reporting systems across our
entire estate. This has enabled increased accuracy to measure
and target our performance across our core environmental
pillars including energy & GHG, water, recycling and waste,
as well as our supply chain. The introduction of two new
internal systems has provided deeper insights into our business
operations, helping us to identify areas for improvement and
launch new initiatives to advance our sustainability journey.
Net zero pathway
After recalculating our base year for Scope 1, 2, and 3 emissions
to account for the City Pub acquisition, we are now able to
report our first year’s performance against our updated 2025
baseline. Importantly, we also continue to track our historic
carbon reduction progress from the original 2020 baseline.
Our commitment remains to achieving net zero by 2040 across
all Scopes. We are constantly strengthening our environmental
foundations, while exploring innovative technologies to help
us reach our net zero goals.
Industry collaborations
We remain engaged members of the Zero Carbon Forum,
a leading not-for-profit dedicated to supporting the UK
food, drink and leisure sector with a productive and action-
oriented way to collaborate on sustainability challenges, within
individual businesses and across supply chains. We actively seek
opportunities to accelerate progress by implementing practical
and measurable targets and work with industry peers to address
challenges, with the Forum communicating sector needs to
government and advocating for broader advancements.
Environment focus
Climate change poses a complex challenge, driven not only
by greenhouse gas emissions but by a host of environmental
threats that disrupt natural ecosystems and increase adverse
weather risks to our business. Accordingly, we remain
committed to advancing our environmental pillars in the areas
of greatest impact, where meaningful improvements can be
achieved across our operations.
The challenges we face
Costs
Significant investment is required in achieving net zero, affected
by both the availability of energy resources and the expense
involved in increasing supply. To address these challenges,
we have implemented a series of energy-saving initiatives, and
we are actively exploring innovative technologies that reduce
both energy consumption and operational costs. This approach
also supports our move from gas to electric, wherever the
infrastructure and commercial viability align, ensuring our
progress is both sustainable and economically sound.
Energy resource availability
The limitations posed by existing energy resources and the
considerable costs associated with upgrading our electricity
supply have required careful consideration. We now focus on
replacing gas-powered equipment with electric alternatives at
the end of their operational lifespan, where it makes commercial
sense. In addition, we proactively prewire our kitchens, laying the
groundwork for a seamless transition to electric solutions when
circumstances allow, thus futureproofing our estate for evolving
energy demands.
Remote pub locations
Our remote properties bring their own set of carbon reduction
obstacles. Collaborating with energy suppliers, we are
investing in infrastructure upgrades at these sites, with the
aim of transitioning them to more carbon-efficient operations
wherever feasible. This partnership-driven approach ensures
that even our most isolated locations are part of our wider
sustainability journey.
We maintained our three-star ‘Food Made
Good’ rating awarded by the Sustainable
Restaurant Association.
Notable achievements
CO2
Energy & GHG
Net zero on Scope 1/2/3 emissions by 2040
100% renewable electricity through our Power
Purchase Agreement
Water
952 waterless urinals installed across our estate
20 Water Remote Meter Readers (RMR) installed
Recycling & waste
100% commercial waste diverted from landfill through
our partnership with Suez
71% Recycling Rate (increase of 11% since FY26)
Supply chain
70% of suppliers committed to Young’s Responsible
Sourcing Statement
54% of suppliers, by expenditure, are Sedex members
or participants in an equivalency programme.
Strategic Report
48 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Roadmap to 2040
By recognising our current position within our initiatives,
we are able to plan effectively and dedicate the necessary
time and resources to meet future objectives.
To achieve our 2040 goal of net zero emissions, we have
established clear timelines for each of our environmental pillars:
Energy & GHG, Water, Recycling & Waste, and Supply Chain.
This structured approach enables us to monitor progress
effectively by setting specific objectives for the short, medium,
and long term.
• Short-term: 2025–2027
• Medium-term: 2025–2030
• Long-term: 2025–2040
CO2
Energy & GHG
As greenhouse gas (‘GHG’) continue to drive extreme weather conditions and global warming, we remain focused on removing
(where possible) and reducing consumption across our Scope 1 & 2 emissions.
GHG removals
Commitment Metrics Progress
Complete
100% Renewable Energy.
Our five-year corporate power purchase agreement,
which took effect in April 2023, enables the company
to source its electricity supply from specific windfarms.
Our supply is backed by renewable electricity
guarantees of origin and independently verified
by EcoAct.
We source our energy entirely from wind
and hydro through a group contract, verified
by EcoAct a Carbon Disclosure Project
accredited provider.
Short-term
Outdoor gas heaters
replaced with electric
heaters in all suitable pubs.
We continue to remove outdoor gas heaters across our
estate, where feasible, replacing them with an electrical
time-lag system. These systems operate only when
activated by a touch button, effectively reducing energy
consumption by functioning solely as needed.
During FY26, we removed a further eight
outdoor gas heaters. Currently, only 13 pubs
still use gas heaters due to restriction of
electrical supply or logistical issues related
to the size and location of our pubs.
Long-term
Electric kitchens.
To transition to electric kitchens, we first evaluate
whether the property's electrical infrastructure is
adequate to support electrification. In certain instances,
upgrades to the electrical system are necessary,
which may entail financial investment. Subsequently,
kitchens are pre-wired to facilitate the installation of
electric appliances.
A total of 20 fully electric kitchens have
been installed throughout the estate, while
an additional nine sites have been pre-wired
in preparation for electrification when it
becomes commercially feasible.
Long-term
Electrical vehicle (‘EV’)
chargers installed
across the estate.
The EV chargers are connected to an online
platform that provides various data including
energy consumption, number of sessions, cost,
and carbon savings.
A total of 27 electric vehicle (EV) chargers
have been installed across 11 pub locations.
To date, we have achieved a reduction
of 34 tCO
2
.
Electrical vehicle chargers
Following the installation of our initial EV charger in May 2023, we have closely tracked charger usage across multiple locations
to assess customer behaviour. The results revealed that charger utilisation fell short of expectations. This can be attributed mainly
to EV owners choosing to charge their vehicles overnight when electricity is cheaper or opting for rapid chargers rather than
charging casually during leisure outings. Additionally, when it comes to the rollout of EV chargers across the estate, some sites
have limited onsite energy resources, which are more effectively used for gas conversion projects to further lower our carbon
footprint. Therefore, while our current EV chargers will stay in place, we will take a prudent approach to installing future chargers
where required.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 49
Strategic Report
Our environment cont inued
CO2
Energy & GHG continued
Energy reduction
Commitment Metrics Progress
Short-term
Cellar Management Systems
(‘CMS’) installed across
the estate.
The CMS supplied by Tecknik2 works by monitoring
the surrounding environment and controlling the main
cellar cooler, which automatically reduces energy usage.
Historic trials have shown an average 30% annual
reduction in energy.
With an additional 60 installations
throughout FY26 across 55 pubs, CMS has
now been implemented throughout 67%
of the estate, representing a 31% increase
compared to last year.
Short-term
Eco Flo’s installed across
the estate.
The Eco Flo systems is installed on top of the beer
cooler adjusting itself to provide optimum performance,
reducing energy cost along with extending component
life of the cooler and pump. Historic trials have revealed
each system to save approx. 35% of annual energy.
During FY26, an additional 63 Eco Flos
were installed in 25 pubs, bringing coverage
to 56% of our estate, an increase of 11%
from FY25.
Long-term
Install solar panels (‘SPV’)
at suitable locations across
the estate.
Our solar panel installation project involves connecting
panels to Enphase, an online portal that monitors daily
energy use and grid dependency. This system precisely
measures solar power generation and tracks our
progress efficiently.
Our estate is now equipped with six rooftop
solar panel systems, containing a total of
233 panels. Collectively, these have helped
decrease carbon emissions by 48 tCO
2
in FY26.
Short-term
Behavioural change.
In collaboration with the Zero Carbon Forum, we have
implemented a behavioural change programme aimed
at achieving year-on-year savings. Data collected from
smart meters installed at our sites feeds into the Zero
Carbon Forum data system, enabling us to identify
specific energy-saving opportunities.
Despite facing four heatwaves during FY26,
our behavioural change programme has led
to an additional reduction of 44 tCO
2
, saving
approximately £66,000 in costs.
• LED Lighting - Since 2018, the company has systematically implemented LED lighting throughout its pub estate and new
developments. The installation and updating of LED lighting is conducted annually, with replacements provided as necessary.
Water
The hospitality industry is a substantial consumer of water. At Young’s, we recognise that addressing water consumption across
our pubs and pubs with rooms is a critical area of focus.
Commitment Metrics Progress
Short-term
Waterless urinals installed
across the estate,
where feasible.
Waterless urinals support our water conservation
initiatives by reducing water consumption, while offering
a durable, low-maintenance and cost-effective solution.
952 waterless urinals have been installed
across 246 pubs covering 91% of our estate.
Medium-term
Install water Remote Meter
Readers (‘RMR’) across
our pubs.
RMRs enable remote and consistent monitoring
of water consumption, allowing for the identification
and quick resolution of water leaks.
Over the past year, we have conducted
detailed water reports to identify critical
factors and develop a comprehensive rollout
plan for our estate. During FY27, we are
committed to installing 96 new RMRs,
in addition to the 20 already in operation.
• Low flow taps and eco flush toilets – We continually invest in water-efficient low flow taps and eco flush toilets throughout
our properties.
• We have maintained our water training initiatives with our pub teams throughout FY26, identifying opportunities in our operations
to lower consumption and enhance efficiency.
Strategic Report
50 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Recycling & waste
Identify ways in which we can reduce, reuse, and recycle our products and work in collaboration with our waste partners Suez
to drive behaviour change.
Commitment Metrics Progress
Complete
100% commercial waste
diverted from landfill
through our partnership
with Suez.
Suez, our designated waste management partner,
ensures that all collected waste is diverted from landfill
in accordance with their commitment as our preferred
service provider.
We are committed to diverting our
commercial waste from landfill and
expanding our partnership with Suez to
enhance social and environmental initiatives.
Medium-term
70% Recycling Rate.
We collaborate with our waste management partner
Suez to improve recycling rates, which are tracked and
reported by Suez’s internal systems.
Over the course of the year, our recycling
rates have improved significantly, reaching
71% by year-end, an increase of 8%
compared to the previous year.
• Cooking oil recycling for biodiesel production – We have sustained a long-term partnership with Olleco, to implement an effective
programme that recycles used cooking oil into biofuel. During FY26, 479,361 litres of oil were successfully recycled.
• In collaboration with our largest food supplier, The Menu Partners, we will be trialling a packaging reduction programme across
40 pubs, by replacing the standard dry mixed packaging with reuseable crates to help reduce dry mixed waste across our estate.
Supply chain
Supply chains continue to be an inherent risk to the business from both an environmental and social standpoint due to climate
change and global conflicts, therefore, it remains a core focus for development.
Commitment Metrics Progress
Medium-term
80% of suppliers (by spend)
committed to Young’s
Responsible Sourcing
Statement rollout.
We distributed our Responsible Sourcing Statement to
key suppliers at the start of 2025, aiming to enhance
production visibility and improve supply chain processes.
We have shared our Statement with
70% of our suppliers highlighting four
principles: safe workplaces, human
rights, environmental protection, and
business transparency.
Medium-term
70% of suppliers (by
spend) to join Sedex or
equivalency programme.
In early 2025, we analysed our suppliers, connecting
with current Sedex members and asking key suppliers
to join Sedex.
54% of our suppliers are Sedex members
allowing for greater transparency into their
ethical business management, processes,
and responsibilities, which is an increase
of 12% since last year.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 51
Strategic Report
Our environment cont inued
Biodiversity
Across our pubs, we offer a range of outdoor spaces appreciated
by both customers and local wildlife, which positively contribute
to the pub environment. We are committed to celebrating and
supporting local natural beauty. Our pubs contribute in various
ways, such as planting flowers to provide nectar for struggling
bees, and growing herbs that we incorporate into our carefully
crafted dishes and cocktails. Additionally, we’ve started installing
bird boxes and insect hotels, which reflect our ongoing efforts
to support and preserve nature across our growing estate.
• 1,019 British trees planted with Ecologi as part of our
Christmas tree replenishment programme, which plants
a new tree for every tree placed in our pubs during the
festive period.
• 130 bird boxes and insect hotel installed across our pub
gardens over the last two years, helping local wildlife to thrive
in our outdoor spaces.
• 182 pubs planting new flowers, herbs, and trees to support
local ecosystems and boost nature.
• 10 pubs growing fruit and vegetables in their own gardens
to incorporate into their menus, showcasing seasonal and
locally sourced produce from their own gardens.
In collaboration with Zero Carbon Forum, this report details
the company’s Greenhouse Gas (GHG) emissions and energy
use for FY26, in accordance with the Streamlined Energy and
Carbon Reporting (SECR) requirements.
This report has been prepared following the GHG Reporting
Protocol – Corporate Standard and using the guidance set out
in Environmental Reporting Guidelines: Including streamlined
energy and carbon reporting guidance – HM Government
(March 2019).
Energy consumption data has been sourced from utility supplier
invoices, or where this is not available calculated from site-based
records and travel expense data.
We have gathered data on our Scope 1 and Scope 2 emissions
and energy use for activities under our financial control.
All emissions and energy use relate to UK activities.
Our GHG emissions were calculated in accordance with
HM Government Environmental Reporting and the GHG
Protocol methodology.
Streamlined energy and carbon reporting
Methodology
Strategic Report
52 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Streamlined energy and carbon report
Disclosure FY26
% change
from FY25
Previous year
(2025)
% change
from base year
Base year
(2020)
Revenue in £ million 508 4.57% 486 63.03% 312
No. Managed Houses at year-end 274 0.37% 273 32.37% 207
The annual quantity of emissions in tCO
2
e resulting
from activities for which the group was responsible
involving (i) the combustion of gas and (ii) the
combustion of fuel in company cars
7,936 -8.85% 8,707 1.60% 8,247
Scope 1 – kWh Consumed 43,614,986 -9.95% 48,434,362 -1.04% 44,073,922
The annual quantity of location-based emissions
in tCO
2
e resulting from the purchase of electricity
by the group for its own use, including for the
purposes of transport
8,163 -15.24% 9,632 -9.40% 8,727
Scope 2 (Location) – kWh Consumed 46,115,343 -0.97% 46,566,431 10.80% 34,539,882
The annual quantity of market-based emissions
in tCO
2
e resulting from the purchase of electricity
by the group for its own use, including for the
purposes of transport
535 -10.67% 599 -87.70% 8,727
Scope 2 (Market) – kWh Consumed 46,115,343 -0.97% 46,566,431 10.80% 34,539,882
The annual quantity of energy consumed in kWh
from activities for which the group was responsible
involving (i) the combustion of gas or (ii) the
consumption of fuel for the purposes of transport,
together with the annual quantity of energy
consumed in kWh resulting from the purchase
of electricity by the group for its own use, including
for the purposes of transport
89,730,329 -5.55% 95,000,793 -5.30% 78,613,804
Total Gross Emissions (tCO
2
e) 16,100 -12.21% 18,339 -5.15% 16,974
The group’s annual location-based emissions:
ratio of tCO
2
e per £ million of revenue
31.69 -16.05% 37.75 -41.82% 54.47
Carbon offsets procured via Green Electricity
Tariff (tCO
2
e)
7,628 -15.55% 9,033
Total Net Emissions (tCO
2
e) 8,471 -9.85% 9,306 -50.09% 16,974
The group’s annual market-based emissions:
ratio of tCO
2
e per £ million of revenue
16.68 -12.95% 19.16 -69.39% 54.47
We have seen an increase of 32.37% vs the base year in our managed house estate, with the addition of 67 new sites since then.
Overall emissions have continued to decline year-on-year across scope 1 & 2, coupled with the increase in annual revenue has
a 9.85% energy intensity reduction compared with FY2025 (ratio of tCO
2
e per £ million of revenue).
In this year’s annual report, FY25 Scope 2 emissions have increased by 10,667,399 kWh and 1,757 tCO
2
e compared to what was reported in the
FY25 annual report. This increase reflects the introduction of new systems that have improved the accuracy and completeness of our data reporting.
Historically, off-central contract supplies were estimated based on monetary value; we are now transitioning to reporting actual consumption data.
As our reporting continues to evolve, we remain focused on strengthening data accuracy and robustness to ensure we have a clear understanding
of our emissions profile and the actions required to achieve net zero.
Emissions from other fuel sources, including solid fuels such as logs and coal, and propane gas, have not been included in the SECR table due
to the limited availability of reliable consumption data. We are committed to enhancing our data collection processes over the coming year
to ensure these sources are captured and reported appropriately in future periods.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 53
Strategic Report
Our Scope 3 emissions
We commissioned Zero Carbon Services during FY23 to assist
us in determining our Scope 3 emissions baseline as FY22,
which revealed that these emissions represent just over 80%
of our total emissions.
As the number of pubs in the company’s estate increased
to 274 during the period, a decrease of 1.47% from FY25
the company’s intensity ration has fallen. We estimate that
71.23% of our Scope 3 emissions come from food and
beverage, which is the main revenue stream for the business.
A key focus of our sustainability strategy is to gain a better
understanding of our supplier base, and for our key
suppliers to gain a better understanding of our expectations,
so that we can work together to reduce our emissions.
Consistently calculating our emissions enables us to focus on
key areas and products within the operations. A full breakdown
of the Emissions Inventory can be found in Table 2.
Our environment cont inued
Carbon statement balance sheet FY26
Greenhouse Gas Emissions Inventory
Emissions Categories
Location-based
(tCO
2
e)
% of Location-
based Total
Market-based
(tCO
2
e)
% of Market-
based Total
Scope 1
9,445 7.5% 10,021 8.5%
Natural Gas 7,923 6.3% 7,923 6.7%
Transportation (excluding grey fleet) 13 0.0% 13 0.0%
Other Fuels 665 0.5% 665 0.6%
F-Gas 844 0.7% 844 0.7%
Scope 2
8,163 6.5% 535 0.5%
Scope 3
107,707 85.9% 107,707 91.1%
1. Purchased Goods & Services 89,393 71.3% 89,393 75.6%
Operational goods & services 12,676 10.1% 12,676 10.7%
Related to products consumed
by consumers
76,716 61.2% 76,716 64.9%
2. Capital goods 11,670 9.3% 11,670 9.9%
3. Fuel & Energy Related Activities 4,426 3.5% 4,426 3.7%
4. Upstream Transportation
& Distribution
780 0.6% 780 0.7%
5. Waste generated in Operations 148 0.1% 148 0.1%
6. Business travel 219 0.2% 219 0.2%
7. Commuting 342 0.3% 342 0.3%
10. Processing of Sold Products 163 0.1% 163 0.1%
13. Downstream Leased Assets 73 0.1% 73 0.1%
15. Investments 493 0.4% 493 0.4%
Total all Scopes 125,315 100% 118,263 100%
All Scopes per Employee 7 7
All Scopes per Site 1,693 1,598
All Scopes tCO
2
e per £m 247 233
Strategic Report
54 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Task Force Climate-related Financial Disclosures (‘TCFD’)
Young’s climate-related financial disclosures
The increasing pace of climate change and the growing frequency
of extreme weather events in the UK present tangible challenges
for the hospitality sector, affecting both our managed estate and
the resilience of our supply chain. Recognising the financial and
operational implications of these impacts, Young’s has prepared
this disclosure in alignment with the Task Force on Climate-
related Financial Disclosures (‘TCFD’) ‘Recommendations and
Recommended Disclosures’ and ‘TCFD Annex’ in accordance
with Listing Rule LR 9.8.6 (8) in the UK. Having previously
structured our disclosures in line with the eight disclosure
requirements under the UK Government’s Companies (Strategic
Report) (Climate-related Financial Disclosure) Regulations
2022, we are now reporting in compliance with the 11 TCFD
requirements under the Listing Rules. This evolution in what
is our third climate-related financial disclosure reflects Young’s
shift to Main Market and the continued maturity of our climate
governance and reporting practices.
Over the past three reporting cycles, climate-related risks and
opportunities have become increasingly integrated into core
business decision making. We continue to enhance our scenario
analysis to reflect the latest climate science, enabling refinement
of our risk management processes and Board oversight, and
supporting the identification of actions to strengthen long-
term resilience. Alongside mitigating risks, we seek to realise
opportunities that contribute to responsible growth and
sustainable shareholder value.
Our FY26 disclosures provide an updated assessment of
climate-related risks and opportunities across our operations and
value chain. This assessment incorporates improved data, refined
assumptions and expanded coverage of potential impacts.
Previously identified risks and opportunities remain under
review, with updates reflecting regulatory developments, market
changes and our operational footprint.
The results of our FY26 climate scenario analysis indicate that
Young’s business model remains resilient across the short,
medium and long term. Although exposure to transition and
physical risks varies under different climate pathways, our
strategic focus on estate decarbonisation, operational efficiency
and supply chain resilience supports effective risk management.
Ongoing investment in renewable energy, electrification and
enhanced site-level monitoring strengthens preparedness
for regulatory, market and physical climate developments.
Climate considerations continue to inform long-term strategy
and capital planning, and our approach will evolve in line with
emerging science and policy expectations.
Governance
Climate-related oversight is embedded within the Group’s
governance framework, with defined accountability at board,
executive and senior management level. The chief people
officer acts as executive sponsor for environmental, social and
governance (‘ESG’) measures, linking operational delivery with
board oversight. The sustainability manager provides regular
updates to the people director on ESG performance, including
climate-related matters, enabling structured reporting to senior
leadership and the board. This reporting ensures climate-
related risks and opportunities are considered at board level
and inform strategic discussions, supported by updates on risk
developments and regulatory change.
Climate-related considerations are incorporated into board
agenda items, including horizon scanning and director training,
maintaining awareness of evolving disclosure expectations
and transition risks. This governance structure provides clear
accountability and embeds climate considerations within existing
risk, strategy and operational decision-making processes.
Board of directors
• Oversees the management of climate-related risks and opportunities.
• Receives quarterly updates on climate-related matters, supplemented by executive reporting as required.
Audit committee
• Receives annual confirmation from the head of internal audit and risk on material climate-related risks,
with up to two additional updates provided where significant developments arise.
Non-executive director
• Oversees overall progress on ESG matters, including climate-related targets.
Chief people officer
• Ensures climate-related risks and opportunities are incorporated into board discussions through
structured reporting.
• Works with the sustainability manager and leadership team to escalate emerging risks and monitor
progress against targets.
Sustainability manager
• Leads coordination of sustainability activities, including management of climate-related issues.
• Works across the business to implement the ESG strategy.
• Provides monthly updates to the management board and leadership team on ESG performance,
including climate-related matters.
• Reports to the people director, executive sponsor for ESG.
Head of internal
audit & risk
• Supports identification and management of business risks, including climate-related and sustainability risks.
Executive and
leadership team
• Assigns ownership of climate-related risks and opportunities to relevant directors and departments.
• Oversees management of these risks and opportunities through strategic actions and
resource allocation.
• Works with the sustainability manager to advance the ESG strategy.
Departmental teams
• Implement climate-related actions within their respective areas of responsibility.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 55
Strategic Report
Pathway Associated physical scenarios Associated transition scenarios
High
emissions
SSP5-8.5 A high-emissions scenario where
emissions roughly double from
current levels by 2050.
N/A N/A
Medium
emissions
SSP2-4.5 Warming: 3.3–5.7°C by 2100. Current
Policies (‘CPS’)
This scenario assumes that only current
climate policies remain in place. Global
emissions do not decline sufficiently to
meet climate targets. Warming ~2.0–
3.0°C by 2100.
Net zero
emission
N/A Warming: 2.1–3.5°C by 2100. Net Zero
Emissions by 2050
Scenario (‘NZE’)
This scenario maps out the energy
transition needed to achieve a 1.5°C
stabilisation in the rise in global
average temperatures.
Risks and opportunities were assessed across three time
horizons aligned with climate science and the UK Government’s
legally binding net zero target:
• Short-term (2026–2030) – 2030 milestone
• Medium-term (2030–2040) – 2040 milestone
• Long-term (2040–2050) – 2050 milestone
1 IPCC Sixth Assessment Report – IPCC 2023.
2 UK Climate Projections 2018 – Met Office, 2018.
3 World Energy Outlook 2025 – International Energy Agency, 2025.
Task Force Climate-related Financial Disclosures (TCFD) continued
ESG-related remuneration
Young’s continues to integrate ESG considerations into
operational targets, embedding relevant objectives within annual
business planning and performance management processes.
For FY26, priorities included reductions in energy usage and
implementing mandatory daily food waste segregation across
all UK sites from March 2025. Water efficiency continues to be
a focus, and in FY27 we will conduct a rollout of remote meter
readers to improve data accuracy and oversight of estate-
wide consumption. Progress is monitored through established
reporting processes and with performance considered as part
of leadership and management assessments.
Strategy
Addressing climate-related risks and opportunities is embedded
within our broader ESG framework and integrated into
our overall business strategy. We are focused on reducing
environmental impact and strengthening operational resilience
through practical measures, including prioritising locally sourced
and seasonal produce where feasible, maintaining strong
UK-based supplier relationships, and increasing the proportion
of renewable energy used across our estate. These actions help
manage cost volatility, protect product availability and enhance
supply chain resilience in the face of climate-related disruption.
Across all climate scenarios, we recognise potential commercial
opportunities alongside associated risks. Warmer conditions can
support increased customer demand and higher sales during
peak periods, and continued investment in our outdoor spaces
enhances our ability to capture this demand, while managing
more variable weather patterns. Our flexible and predominantly
UK-focused supplier base supports adaptive menu planning
and margin protection as growing conditions evolve. In parallel,
investment in renewable energy and emerging low-carbon
technologies strengthens resilience against potential energy
price instability and supports our response to the transition
to a lower-carbon economy.
Climate scenario analysis
Young’s undertook its initial climate scenario analysis in FY24
using recognised external sources, including the IPCC Sixth
Assessment Report
1
, the UK Met Office
2
, and the International
Energy Agency (‘IEA’) World Energy Outlook 2023. In FY26,
this analysis was updated to reflect the latest climate science
and policy developments, incorporating the IEA World Energy
Outlook 2025 and recent UK climatic trend data to ensure
continued relevance
3
. The assessment covered Young’s full
operational footprint across all geographies and considered both
physical and transition risks in evaluating business resilience.
To assess physical risk exposure, we applied two IPCC Shared
Socioeconomic Pathway scenarios representing medium and
high emissions trajectories. These were supplemented by UK
Met Office Climate Projections to provide regional granularity
in assessing weather-related impacts across our estate and
agricultural supply chain.
For transition risks, we aligned our analysis with the IEA World
Energy Outlook 2025. Instead of the previously applied Stated
Policies Scenario, we adopted the Current Policies Scenario
to reflect updated government commitments and policy
direction, alongside the Net Zero Emissions by 2050 Scenario
to assess potential impacts under a 1.5°C-aligned pathway.
These scenarios provide insight into how policy, regulatory
and market developments may affect our operations, particularly
energy use across our pub estate.
For the assessment of risks and opportunities, we grouped
these four scenarios into three distinct pathways, these are
outlined below.
Strategic Report
56 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Using these scenarios, we evaluated the evolution of previously
identified risks and opportunities, initially identified in FY24,
considering their potential financial implications and the earliest
point at which impacts may materialise. While financial impacts
have not been differentiated by individual scenario, physical
risks are expected to intensify under higher emissions pathways
and over longer time horizons, whereas transition risks vary
depending on the pace and scale of policy and market change.
The resulting risk profile remains integrated within Young’s
existing risk management and governance framework.
Risk management
Risk and opportunity evaluation
Following the FY26 scenario analysis update, climate-related
risks and opportunities were reassessed through a dedicated
workshop attended by senior and executive leaders, including
representatives from audit and risk, finance, food, property,
people and sustainability. The session reviewed potential
changes in impact, likelihood and management effectiveness,
applying Young’s established corporate risk methodology to
ensure consistency with the wider risk framework. The FY26
assessment retains the existing portfolio of material climate-
related risks but identifies shifts in relative significance
and priority.
1. Increased regulatory-related transition risks: In FY26,
transition risks remain largely consistent. However, the
assessment of risks associated with delivering a credible
net zero strategy was amended to reflect the proposed
implementation of the UK Sustainability Reporting Standards
(‘SRS’) and other potential future climate reporting standards.
While this is not seen as breaching our risk appetite threshold,
the potential short-term materialisation of this risk requires
a demonstration of how Young’s is managing this in the
short term.
2. Physical risks remain consistent year on year: FY26 saw
the reduction in risk score for one risk related to increased
flooding at properties and pubs. This is due to the continued
improvement of control measures such as flood monitoring
and continued financial planning during flood events.
No further locations have been identified to date as at
risk of flooding, however, we will continue to monitor this.
Physical risk exposure centred around heat-related impacts
affecting agricultural productivity in the supply chain and
operations under the high-emissions scenario. These risks
are assessed as most material over the long term and under
higher emissions pathways, where chronic impacts intensify.
Compared with FY25, management actions and reviews
on climate science reduced their relative significance in the
medium term, although long-term impacts remain.
3. Climate-related opportunities remain consistent:
Opportunities remained largely consistent. However, one
further opportunity was identified as material in the short term
on the development of a net zero roadmap, which mirrors the
newly identified risk of increasing reporting requirements and
the need to deliver a net zero strategy.
Overall, FY26 indicates a stable physical risk profile alongside
increased sensitivity to transition execution and stakeholder risk.
Under medium-emissions and Current Policies pathways, risks
are moderated through existing controls and adaptive planning,
with more pronounced impacts associated with higher-emissions
and longer-term scenarios. The most significant risks and
opportunities are outlined as follows.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 57
Strategic Report
Task Force Climate-related Financial Disclosures (TCFD) continued
Material risks and opportunities
Risk 1 Risk 2
Decreased agricultural production and water scarcity due
to increased heat, reduced rainfall, and volatile weather
conditions in summer, leading to supply chain disruption
and increased cost of goods.
Increased indoor and outdoor temperatures due to increased
prevalence of heatwaves and higher average temperatures,
leading to higher cooling requirements and reduced
employee productivity.
Financial impacts
Expenditures:
• Increased expenditure of products due to supply chain
disruption, leading to smaller margins.
• Increased expenditure of water supply for pubs
with rooms.
Revenue and expenditures:
• Scarcity of supply of products resulting in reduced revenue
and increased expenditure to adapt.
Expenditures:
• Increased expenditure on operational costs for cooling
of pubs, hotels and office spaces.
• Increased expenditure from changes in working patterns
and hours, and reduced productivity.
Revenue:
• Reduced revenue resulting from customers not leaving
their homes.
• Reduced revenue from heat-related closures of kitchens
and pubs.
Materialisation
• SSP5-8.5: Long term • SSP5-8.5: Long term
Management response
Climate-related supply risk is addressed through an
integrated sourcing and planning approach designed to
strengthen operational resilience. Menu development is
structured to remain responsive to agricultural variability,
enabling adjustments in line with seasonal growing conditions
and changes in ingredient availability. This flexibility reduces
reliance on constrained products and supports continuity
during periods of supply pressure.
The Group’s procurement model emphasises domestic
sourcing where practicable, strengthening supply chain
transparency and reducing exposure to international
disruption. Where appropriate, structured supplier
agreements are implemented to provide greater cost
predictability and mitigate the financial effects of input price
volatility linked to climate impacts.
Oversight of climate-related supply exposure is embedded
within Procurement and Operations governance processes.
Regular cross-functional reviews and rolling forecasting cycles
incorporate assessment of weather patterns, yield outlooks
and associated cost movements to inform purchasing and
pricing decisions.
Operational adaptation measures have also been
implemented to safeguard product integrity under rising
temperature conditions. Targeted investment in cellar cooling
infrastructure and temperature control systems across the
estate enhances resilience to heat-related risks and supports
consistent quality standards.
We continue to utilise the Ignite energy management
platform to monitor electricity, gas and water consumption
at site level, with visibility down to hourly intervals for energy
consumption. This enables the identification of anomalies,
supports timely investigation of unexpected consumption
spikes during periods of extreme heat and facilitates informed
operational adjustments.
In addition, a dedicated sustainability reporting section within
Power BI consolidates energy, recycling and food waste data
across the estate, improving transparency of performance
against targets and strengthening data-led decision making.
An energy reduction target has been established for the
coming financial year, with the 44 highest-consuming pubs
identified and prioritised within FY26. From FY27, performance
management will increasingly operate at area level to promote
collective accountability for energy reduction.
Alongside HVAC optimisation, we continue to expand solar
deployment, with a further 70 panels installed across three
sites in FY26, supporting resilience to increased cooling
demand and reducing exposure to energy price volatility.
Strategic Report
58 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Risk 3 Risk 4 Opportunity 1
Failure to align with incoming climate-
related reporting standards leading to
decreased investment and share value.
Accelerated timeline for building
retrofitting due to legislative
requirements, leading to business
disruption and increased capital costs.
Increased median annual summer
temperatures may result in increased
visitation to pubs.
Financial impacts
Capital and financing:
• Reduced capital allocation
for failure to adhere to
regulatory requirements.
Expenditures:
• Increased expenditures
to achieve compliance.
Expenditures:
• Increased capital expenditure to
refurbish to align with incoming
zero-carbon standards.
Assets and liabilities:
• Reduced value of assets not at zero-
carbon-ready buildings standards.
Revenue:
• Increased revenue from increased
sales in warmer weather.
Materialisation
• NZE: Short term
• CPS: Short term
• NZE: Medium term • SSP2-4.5: Medium term
• SSP5-8.5: Short term
Management response
We continue to progress our
decarbonisation initiatives, the
changing external landscape has
increased the potential reputational
and valuation sensitivity linked to
increased requirements, which
would impact Young’s in the short
term. The strengthening of Young’s
climate strategy supports long-term
value creation and maintains access
to capital. Our net zero ambition
and decarbonisation initiatives are
embedded within broader business
planning, demonstrating preparedness
for evolving stakeholder expectations
and regulatory developments.
In light of impending UK SRS S2
climate-related financial disclosure
requirements, additional work
may be required in the short term
to ensure continued compliance.
However, proactive planning and
ongoing oversight by the Company
Secretary and Sustainability Manager
ensures that emerging disclosure
obligations remain under review and
appropriately addressed.
As part of our building decarbonisation
strategy, we are progressing a phased
electrification programme, identifying
opportunities to transition from gas,
while prioritising energy efficiency
improvements across the estate.
We recognise that implementation
can be constrained by factors
including upgrade costs, listed
building requirements, grid capacity
and the location of certain sites.
Notwithstanding these challenges,
preparatory works are undertaken
where feasible to enable future
electrification. During FY26, additional
solar capacity was deployed across
three sites, with 70 panels installed
as part of our continued investment
in on-site renewable generation.
Capital deployment continues to
prioritise high-impact sites, and energy
consumption data from Ignite and
centralised reporting tools informs
retrofit sequencing and investment
prioritisation, helping to ensure capital
is allocated efficiently and in alignment
with emerging regulatory requirements.
Young’s continues to incorporate
weather trends into monthly forecasting
to anticipate fluctuations in demand,
and ongoing sales monitoring enables
us to assess emerging shifts in seasonal
patterns and refine operational
planning accordingly.
We are continuing to enhance
our outdoor spaces to maximise
this opportunity and encourage
more consistent year-round use.
Investment in garden infrastructure,
beer line upgrades and supporting
technology strengthens service
efficiency during busy periods.
At selected sites, measures such as
additional shading and retractable
roof solutions are being introduced to
improve customer comfort and increase
resilience to variable weather conditions.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 59
Strategic Report
Task Force Climate-related Financial Disclosures (TCFD) continued
Opportunity 2 Opportunity 3 Opportunity 4
Diversifying the supply chain and
increasing supply chain engagement,
leading to enhanced resilience against
supply chain disruptions and improved
sustainability performance.
Enhancing employee behaviour-change
campaigns, leading to cost savings
across pubs, offices and hotels.
Developing, implementing and
communicating a roadmap to net
zero, leading to enhanced reputation
among customers, investors and
other stakeholders.
Financial impacts
Assets and liabilities:
• Reduced liability from
suppliers being unable to
fulfil contractual obligations.
Expenditures:
• Reduced expenditure from diverse
supply chain.
Revenue:
• Increased revenue from sales of
alternative menu offerings.
Expenditures:
• Reduced expenditure on operational
energy consumption.
• Reduced exposure to fossil fuel
price volatility.
• Reduced expenditures from waste
collection costs.
Revenue:
• Increased revenue from
an increasingly climate-
conscious clientele.
Capital and financing:
• Increased capital availability from
investors due to demonstration
of organisation resiliency.
Materialisation
• SSP2-4.5: Medium term
• SSP5-8.5: Medium term
• NZE: Short term
• CPS: Short term
• NZE: Short term
• CPS: Short term
Management response
We continue to place emphasis
on local and seasonal sourcing to
support supply chain stability and
reduce exposure to climate-related
disruption. Maintaining a broad and
adaptable supplier network, with a
strong UK and local focus, enables
us to manage sourcing decisions in
a way that protects product quality,
operational continuity and margin
performance. Long-standing supplier
relationships, combined with a
selective procurement approach,
further strengthen our ability to
navigate periods of input cost volatility
and intermittent product availability.
Sustainability considerations remain
integrated into supplier selection and
procurement processes, reinforcing
long-term resilience across the
supply chain.
Behavioural energy management
remains an important component
of our decarbonisation strategy and
is delivered in partnership with the
Zero Carbon Forum. In FY26, the
programme contributed to savings of
£66,000k and a reduction of 44 tCO
2
e,
demonstrating the combined financial
and environmental benefits of targeted
operational action.
An energy reduction target has been
established for the coming financial
period with the highest-consuming
pubs prioritised to support delivery.
Pubs have access to detailed hourly
electricity and gas data, including
heatmaps and performance dashboards,
improving visibility and enabling
active management of consumption.
Sustainability champions and weekly
updates are embedded across the estate
to reinforce accountability and support
sustained behaviour change.
Young’s continued to allocate capital to
initiatives supporting delivery of its net
zero ambition, including electrification
projects, solar panel deployment and
targeted energy efficiency upgrades
across the estate. These investments
contribute to emissions reduction while
supporting long-term asset resilience.
Young’s immediate focus remains
on reducing Scope 1 and 2 emissions,
reflecting the areas where it has the
greatest direct operational control.
The business continues to work in
partnership with the Zero Carbon
Forum to support progress against
its decarbonisation objectives.
Young’s has publicly committed to
achieving net zero emissions across
all Scopes by 2040.
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60 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Risk and opportunity management
Climate change and sustainability is recognised as a principal risk
within the group’s corporate risk register (see page 63) and is
managed in accordance with the processes outlined on page 62.
Climate-related risks and opportunities are embedded within the
group’s principal risk framework and assessed alongside other
strategic and operational risks.
In FY26, risks and opportunities were reassessed through
a structured workshop involving senior and executive leaders.
Findings were documented in the updated climate risk and
opportunities register and presented to the audit committee.
The head of internal audit and risk, together with the leadership
team, will continue to undertake an annual review of climate-
related risks and opportunities, taking into account changes
in business structure, regulatory developments and operating
conditions, with updates reported to the audit committee.
Budget allocations for climate-related initiatives are reviewed
annually as part of the Group’s capital planning process.
Relevant departments are responsible for implementing
mitigation strategies and progressing identified opportunities,
ensuring that climate-related considerations are integrated
into operational and investment decisions.
Metrics and targets
As part of our ESG strategy, we monitor a range of
environmental performance indicators, including absolute
and intensity-based greenhouse gas emissions, renewable
energy use, recycling and waste management rates, and overall
energy consumption.
Digital monitoring tools have been embedded across the
estate to strengthen data quality and oversight. Our energy
management platform provides site-level visibility of electricity,
gas and water consumption, enabling anomaly detection and
performance tracking against annual targets. A dedicated
sustainability module within our internal reporting systems
consolidates energy, recycling and food waste data to support
operational decision making and performance management.
We have reviewed our emissions baseline and long-term
decarbonisation pathway across Scopes 1, 2 and 3 and continue
to implement emissions reduction initiatives in line with our
environmental roadmap. Physical climate impacts, including
extreme weather events such as flooding, are tracked to inform
risk management and mitigation planning. Climate-related
capital expenditure, including energy efficiency measures
and on-site renewable generation is identified and monitored
through established investment planning processes to support
estate-wide decarbonisation.
A detailed breakdown of environmental metrics, targets,
initiatives and performance against them can be found
in the ‘Our environment’ section (see page 46).
Non-Financial and Sustainability
Information Statement
The following aligns to the non-financial reporting requirements
contained in sections 414CA and 414CB of the Companies
Act 2006.
Description of business model
Page 19 – Strategy in action
Social and community
Page 34 – Our people
Page 40 – Our community
Employees
Page 34 – Our people
Page 35 – Training and development
Page 36 – Internal succession
Page 38 – Employee health and wellbeing
Page 39 – Diversity and inclusion
Page 39 – Gender diversity
Anti-bribery and corruption
Anti-bribery policy – available on our website.
Environmental matters
Page 46 – Our environment
Page 55 – Climate-related financial disclosures
Policy and due diligence
Page 87 – Audit committee report
Page 62 – Principal risks and uncertainties
Human rights
Modern slavery and human trafficking statement
– available on our website.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 61
Strategic Report
Introduction
The board recognises that a robust risk management approach
is an important part of our ability to maintain stakeholder
confidence. Throughout the year we have focused on
formalising our risk management framework and processes,
ensuring we can effectively identify, and mitigate, the risks faced
by the company. The board has overall responsibility for risk
management, validating the risk management framework, and
reviewing its effectiveness. Risk management is an evolving
and continuous process, and our aim is to manage risk in a
proportionate and consistent way; helping the company achieve
its strategic objectives.
Framework
At a departmental level, each department is responsible for the
maintenance of a departmental risk register. Supported by the
internal audit and risk manager, the departmental risk registers
are reviewed six monthly.
Consideration is given as to whether departmental risks
should be escalated to the principal risk register in isolation
or aggregation (see pages 63 to 66), and whether current
mitigations in place are sufficient. At the strategic level, the
executive team is responsible for the day-to-day maintenance
of the principal risk register. This is reviewed six monthly, in
line with the departmental process. This register is formally
reviewed by the audit committee, and then the board, on an
annual basis before inclusion in the annual report and accounts.
In recognition that emerging risks can become apparent at any
time, the executive team can add, amend, or remove risks on
an ad-hoc basis outside of the formal risk management timeline.
Risks and opportunities relating to climate change are managed
as part of this framework. The risk registers document the risk,
potential impacts faced by the company, and the mitigations
in place.
Principal risks and uncertainties
The principal risks and uncertainties facing the group are listed
on the following pages. It is not an exhaustive list of all significant
risks and uncertainties; some may currently be unknown and
others currently regarded as immaterial could turn out to be
material. The principal risks are grouped thematically, and not
presented in the order of which has most impact to the group.
Further information on the group’s financial risk management
objectives and policies are set out in note 24 on page 153.
Board
• Ultimately responsible for effective risk management within Young’s.
• Assesses the principal risks.
Audit committee
• Monitor the integrity, adequacy and effectiveness of the company’s systems
of risk management.
• Provide guidance to the board on the annual principal risk disclosures in the annual
report and accounts.
Executive team
• Responsible for the day-to-day management of risk.
• Ownership over the relevant departmental risk registers (where not delegated
to the management team).
• Considers emerging risks, and their potential impacts.
• Accountable to the board and the audit committee.
Management team
• Responsible for the ownership of relevant departmental risk registers.
• Accountable to the executive team.
Internal audit
and risk manager
• Responsible for implementing and maintaining the risk management framework.
• Maintains departmental risk registers, and the principal risk register.
Principal risks and uncertainties
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62 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Tolerance
Low Moderate High
Movement
Increase No change Decrease
Risk description Impact Mitigations in place
1. Climate change and sustainability
• Acute physical risks: Short term extreme
weather events that causes immediate
damage and could result in pub
closures, business disruptions or supply
chain disruptions.
• Chronic physical risks: Long term changes
in the climate that gradually affect the
environment and human activities.
• Climate activism against Young’s at a site
or through social media.
• Climate transition: Failure to reach
sustainability expectations and
transition towards decarbonisation and
increased costs to align with climate
change transition.
• Refer to TCFD disclosure on page 55
for risk detail.
Increased occurrence of extreme acute
weather events and changes in chronic
weather patterns could:
• damage our managed house estate,
increasing repair cost;
• lead to raw material inflation,
increasing costs; and
• cause business disruptions, resulting
in loss of revenue.
In addition, increased legislative
requirements could increase costs to
comply and reduce profits. Failure to
address these risks could impact trust
and reputation amongst stakeholders,
leading to decreased investment and
share value.
• Comprehensive ESG strategy and roadmap with
metrics and targets so that attainable goals are set
and measured.
• Oversight of climate related supply exposure
embedded within Procurement and Operations
governance processes.
• Ignite energy management platform and
dedicated sustainability reporting tools in
place to continuously monitor performance
against targets, inform retrofit sequencing and
investment prioritisation.
• We partner with the Zero Carbon Forum to
support the industry, as a collective, to reach net
zero, which we are aiming to achieve by 2040 for
‘Scope 1, 2 and 3 emissions’. We are working with
external ESG advisors to develop our pathway
to net zero which will enable us to phase the
required investment.
• Sustainability initiatives launched to reduce the
group’s energy usage and embed sustainable
business practices throughout the business.
• Annual climate risk exercise to review and assess
the financial impacts of climate related risks to
the business.
• Continuous management oversight to ensure that
emerging disclosure obligations remain under
review and are appropriately addressed.
2. Consumer demand
• We do not keep up with changing
consumer demands: Our revenue is
dependent on consumer spending within
our managed estate. A consumer’s decision
to spend their money can be affected by
a broad range of matters, including the
UK economy, weather, different lifestyle
priorities and greater awareness of the
potential adverse health consequences
associated with alcohol set against a choice
of where to go and what to do.
• Unfavourable media coverage or negative
discussions on social media platforms
impacts consumer demand: Our
reputation could come under scrutiny
if unfavourable media were to surface,
negatively impacting consumer demand.
A reduction in our revenue could result
in lower profits.
• We continuously invest in pubs to make them
a home from home.
• We have consumer-focused designs, high service
standards, quality food (including vegan and
vegetarian options) and market-leading drinks
(including non-alcoholic options).
• Our food and drink range is informed by trend
analysis that is regularly reviewed.
• We monitor customer surveys and action feedback.
• Our pubs and pubs with rooms are widespread
throughout London and Southern England.
By having a mix of excellent riverside, garden
and city pubs, we seek to mitigate the impact
of seasonality and changes in consumers’
spending habits.
• Governance of reputational risks and mitigations
is provided through reporting and oversight of the
Executive Committee.
• We perform constant monitoring of press coverage
and social media platforms.
Strategic risks
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 63
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Principal risks and uncertainties continued
Risk description Impact Mitigations in place
3. Acquisitions
• Part of our growth plan is based on the
successful acquisition and development
of additional pubs and rooms.
If acquisitions do not take place and/
or developments do not occur when
planned, or at all, our desired future
growth rate could be delayed or reduced.
• We maintain relationships with a variety of third
parties to ensure, as far as possible, that we are
made aware of acquisition opportunities as and
when they arise.
• We have provided a number of agents and
landlords with details of our preferred site profiles.
4. Business interruption
• Major event leading to widespread pub
closures such as pandemics, natural
disaster or terrorism.
• Occurrence of a major incident or
accident at a site.
This will depend on the nature of the
event, its impact and reach and the
reaction to it by the Government,
consumers, business and others.
Widespread pub closure would materially
reduce revenue, and therefore profit.
• The Covid-19 pandemic has given us the
experience to ensure we are better placed to
combat any future major event resulting in
widespread pub closures.
• Third party food health and safety assurance.
• We have accident and incident reporting and risk
assessments for all sites.
• We have liability and claims procedures
and insurance.
5. IT operations
• Cyber-attack resulting in leak of sensitive
information or the loss of data.
• System outages: We are reliant on
information systems and technology for
many aspects of our business, including
communication, sales transaction
recording, stock management, purchasing,
accounting and reporting and many of our
internal controls. Information systems can
be at risk of failure due to technical issues
and the threat of cyber-attack.
Any failure of such systems or technology
would cause some disruption, and
any extended period of downtime,
loss of backed up information or
delay in recovering information could
impact significantly on our ability to
conduct business.
• Technology solutions are installed to
protect networks.
• Information is routinely backed up and
arrangements are in place with a third-party
provider to assist with data recovery.
• We positively reinforce secure employee behaviours
through mandatory security training and awareness
activities, including phishing tests.
• The IT needs of the business are regularly
monitored, and we invest in new technology
and services as necessary.
6. Supply chain
• Loss of a key supplier: We rely on a
number of key suppliers to provide our
pubs with food and drink.
• Poor availability and increased costs
of drink and food.
• Poor availability of core items such
as cleaning products.
Supply disruption could affect customer
satisfaction, leading to a reduction in
our revenue which could result in lower
profits and growth rates.
• We source food and drink from multiple suppliers
and perform regular reviews over supplier choice.
• Informal arrangements are in place such that
substitute suppliers or products could be used
if required.
• Key suppliers for food and drink are all on long
term contracts.
• Our strategy around sourcing British local means
seasonal ingredients and menus changing on
a monthly basis to take advantage of best quality
and best price.
Strategic risks continued
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64 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Risk description Impact Mitigations in place
7. People
• Unable to attract, develop and retain
workforce and talent.
• Culture does not reflect purpose or values,
or support employees to reach potential.
Our ability to achieve our strategic and
operational objectives could be affected
if we are unable to attract and retain the
right people with the desired skillsets.
• Remuneration and reward packages are competitive
and designed to retain and motivate employees.
• Training and development programmes in place so
that our people have the right skills to perform their
jobs successfully and achieve their full potential.
• We have established a close working
relationship with Performance Learning Group,
an apprenticeship provider, who develop
programmes that dovetail into our own
career pathway.
• We have internal succession planning in place
to retain and motivate employees.
• We operate the Ram Agency, which allows
for another pool of potential employees.
• We have a strong culture and values that are
communicated through inductions and during the
recruitment stage.
• Young’s Board and Executive Committee embody
and communicate Young’s values throughout the
business, signifying the importance it holds.
8. Economic environment
• Economic downturn changing the
spending habits of customers.
• Various other factors, including legislation,
conflict, pandemics and global demand,
may result in the amount we pay for our
key supplies (including food, drink, gas
and electricity) and labour being increased.
• The pub industry is subject to a variety
of taxes, including business taxes, duty
on alcoholic drinks and business rates.
A reduction in our revenue and/or an
increase in our costs will have an impact
on our margins and could result in
lower profits.
The introduction of new taxes and/or
increases in the rates of existing taxes
could result in lower profits.
• We regularly review energy needs and price
changes in the market, and, where appropriate,
make forward purchases.
• Fixed-price arrangements are entered with
suppliers when appropriate.
• We retain the services of specialist rating
consultants who review each and every rating
assessment. Appeals are lodged on our behalf
where the new assessments are deemed excessive.
• Membership of industry bodies such as BBPA and
UK Hospitality lobbying on behalf of the industry
to ensure fair tax regimes are in place.
9. Fraud
• Fraudulent activity by Young’s employees
for personal or company gain, or by
external third parties not being prevented
and/or detected.
Failure to prevent fraudulent activity
could result in legal proceedings and
financial penalties, thus reducing profits.
• We perform an annual Fraud Risk Assessment.
• There are sufficient oversight controls in place
across the business.
• Fraud policies in place, including a
whistleblower programme.
10. Benefit pension scheme
• We operate a defined benefit pension
scheme that must be funded to meet
agreed benefit payments. The value
of the scheme can be impacted by a
variety of factors, including changes in
life expectancy assumptions, lower than
anticipated performances of the stock
market and reduced bond yields.
Variations in the difference in value
between the assets of the defined benefit
scheme and its liabilities may increase
the amount we are required to pay into
it in order to account for past service
benefit deficits and future service benefit
accruals. An increase in our contribution
levels to the defined contribution
schemes could result in lower profits.
• The defined benefit scheme was closed to
new entrants in 2003, and we make additional
contributions over and above regular service
contributions to help address any funding deficit.
We also maintain a close dialogue with the
scheme’s trustee. To limit further the potential
exposure, future service benefits accruing to
remaining active members were reduced from
April 2016, with member contributions being
increased in tandem.
Tolerance
Low Moderate High
Movement
Increase No change Decrease
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 65
Strategic Report
Principal risks and uncertainties continued
Strategic risks continued
Risk description Impact Mitigations in place
11. Debt repayments
• Unable to repay debt: Our financial
structure involves bank borrowings
due between May 2027 and 2031 of
£310 million and senior secured notes
due 2039 of £35 million. The business
therefore needs to generate sufficient cash
to repay these debts with accrued interest.
Interest rates are also subject to change.
Our long-term ability to trade depends
on us generating sufficient cash to meet
these repayments.
• Majority of the group’s debt profile is long-dated,
facilities are committed, and debt is carefully
managed within financial covenants.
• A mix of debt at fixed and variable interest rates
is also maintained, with interest rate swaps used
to assist in managing this exposure.
12. Regulatory
• We are required to meet a range of
compliance, regulatory and health and
safety obligations in the operation of
our business.
A failure to comply with regulatory
obligations could lead to fines,
reputational damage, and physical
injury, illness, or loss of life.
Reputational damage could lead to
reduced revenue, and fines will increase
costs. In addition, increased costs to
comply would result in reduced profits.
• We carefully monitor legislative developments,
and our training programmes, policies, processes
and audits are designed to promote and achieve
compliance with our obligations.
• Health and safety audits are undertaken by a third-
party who also works with us to ensure changes
in health and safety practices and procedures
are incorporated into our business and reviewed
on a regular basis Insurance cover to help with
any financial compensation that may be payable
because of an accident or incident has been
taken out.
Viability statement
In accordance with the UK Corporate Governance Code, the
Directors have assessed the Groups viability over a three-year
period to March 2029. This is based on a detailed cost centre
budget for FY27 with an additional two years of the strategic
‘Vision’ plan out to March 2029. This assessment period is
considered appropriate given the timescale of the Group’s
planning and investment cycle.
In making their assessment, the Directors took into account
Young’s current financial and operational positions alongside
planned investments, acquisition and capital expenditure.
Consideration has been given to the financing position of the
business and its ability to continue the current dividend structure
and share buyback programmes.
The Directors also assessed the potential future and operational
impacts in the severe but plausible scenarios outlined in the
principal risks and uncertainties outlined on pages 63 and 64.
The most relevant potential impacts of the key risks on
viability are:
• Consumer demand – a sustained reduction in consumer
demand could adversely impact revenue generation,
profitability and operating cashflows, which may affect the
Group’s viability.
• Supply chain – disruption within the supply chain, including
supplier failure or cost inflation could negatively impact
margins, profitability and future operating cashflows.
• Business interruption – a significant operational disruption
affecting pubs could impar the Group’s ability to operate
effectively and generate sufficient operating cashflows.
As a result, the following stress testing over a three-year period
has been performed against the budget approved by the Board
for FY27 and against the remaining two financial years (i.e.
FY28 and FY29) of the ‘Vision’ plan:
• Sales reduction of 6% alongside a 3% increase in all costs, on
top of existing inflationary increases included in base forecasts.
In the base case and the stress testing performed, there
continues to be comfortable headroom on the group’s debt
facilities, and all banking covenants are fully complied with
throughout the going concern period.
Based on the results of the analysis of the above, the Directors
confirm that they have a reasonable expectation that the
Group will be able to continue in operation and meet its
liabilities as and when they fall due over the period of the
detailed assessment.
.
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66 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
How we have engaged with our stakeholders
Section 172(1) statement
The board is accountable to its stakeholders and understands
the importance of incorporating stakeholder considerations
into board discussions and decision making. Under section
172 of the Companies Act 2006, the directors must act in
the way they consider, in good faith, would be most likely
to promote the success of the company for the benefit of its
members as a whole, and in so doing have regard (amongst
other matters) to:
• the likely consequences of any decision in the long term;
• the interests of the group’s employees;
• the need to foster the group’s business relationships with
suppliers, customers and others;
• the impact of the group’s operations on the community
and the environment;
• the desirability of the group maintaining a reputation for
high standards of business conduct; and
• the need to act fairly as between members of the company.
Stakeholder engagement
The directors have identified the group’s stakeholders to be our
customers, people, community, suppliers, investors, lenders and
the trustee of the final salary pension scheme. Each stakeholder
group has their own individual priorities, of which the directors
are aware and have regard to.
These priorities are considered, where appropriate, in the board’s
decision making. This is not only the right thing to do but is also
vital in achieving the group’s long-term objectives.
Principal stakeholder groups
The following table details how each of the stakeholder groups
were engaged with during the period.
Customers
The company’s source of revenue is from customers in the group’s managed houses. A customer’s decision to spend their money
can be affected by a broad range of matters, all set against a background of consumer choice of where to go and what to do.
See also principal risks and uncertainties 2 on page 63.
What matters to our customers How we engaged and the outcomes
• Market-leading premium offering.
• Communication through digital
marketing to build relationships
with new and existing customers.
• Seamless ordering and speed
of service.
• Customer reviews which provide
a trusted source of information
and influence purchase decisions
pre-visit.
• We used our dynamic customer relationship management platform to build
personalised and trackable digital campaigns, keeping our customers informed about
events, Young’s Rooms, On Tap app treats, seasonal menus and new openings.
During the period, 63 million (2025: 47 million) personalised emails were sent.
• Our websites had 15.6 million visits across the year (excluding those customers opting
out of cookies).
• We implemented paid digital advertising across Google, Meta, YouTube, TikTok and
LinkedIn, running campaigns targeted at specific customer segments. This drives
brand awareness, acquiring new customers and keeps existing customers engaged,
driving conversions and repeat visits.
• The use of social media platforms saw us obtaining new followers and retaining
our existing customers. All pubs continued to build their own strong and engaged
social following, providing regular communication. Our following across all channels
(centrally and locally) exceeded 2.2 million.
• We offered customers convenient options to order while in our pubs, which includes
Young’s On Tap, c.828,814 orders were placed via the app in FY26, generating
£17.49 million in revenue.
• We continued to use Reputation to pull together online reviews from platforms such
as Google, Facebook and TripAdvisor. This provides us the feedback to understand
customer preferences and actionable insights.
Further detail can be found within the our community section of the strategic report,
starting on page 40.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 67
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How we have engaged with our stakeholders cont inued
Section 172(1) statement continued
People
The commitment, skills and experience of the people employed throughout the organisation (whether they are in the pubs or
at Copper House) are integral to the company’s long-term success, amongst other things, all of them have a part to play in helping
to continue to grow, and/or support, the company’s business and in demonstrating the company’s values on a daily basis.
See also principal risks and uncertainties 7 on page 65.
What matters to our people How we engaged and the outcomes
• Communication and
being inclusive.
• Access to senior management.
• Internal progression, development
and succession.
• Celebrating success.
Our people are our biggest asset, and we strive to develop well-rounded hospitality
careers. We take great care to ensure that all team members are kept well informed of
developments within the business and encourage employee feedback and engagement
through various initiatives, including:
• the Ram app is available to all employees and gives team members access to
information and resources that can enhance and maintain their mental, physical
and financial wellbeing;
• Copper House presentations were held twice a year to share the company results.
This gives team members a further opportunity to raise questions specifically around
Young’s results;
• self-development programmes are designed for every participant on journeys of
personal growth to be supported through a diverse range of activities to unlock their
potential and encouraged to strengthen their teamwork and communication abilities;
• annual Young’s awards brings together all general managers, support team members
and directors for an evening of an awards presentation followed by a celebration; and
• service stars is a programme designed to acknowledge and celebrate outstanding
individuals in every part of our business who are nominated by their peers.
Further detail on how we have engaged with our people can be found within the
our people section of the strategic report starting on page 34.
Community
Our pubs are at the heart of their communities and take great pride fulfilling their role as key hubs. As a company, we strive
to have a positive and long-lasting impact on the communities in which we operate.
What matters to our
community groups
How we engaged and the outcomes
• Supporting local causes.
• Strong environmental and
social considerations.
• Providing employment.
• Acting as a responsible business.
Throughout the period, our teams have done tremendous work engaging with the
community from hosting charity events, organising local volunteering activities and
providing warm and safe spaces to those in need. Further detail can be found in the
our community section of the strategic report, starting on page 40.
Please also see the suppliers section that follows for further engagement with
the community.
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68 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Suppliers
The range, availability and quality of the products sourced is fundamental to the company’s reputation. To remain as a provider
of a market-leading, competitive premium offering that new and existing customers would want to enjoy, it is important that the
company partners with the right suppliers, and has good, strong and mutually beneficial business relationships with them.
See also principal risks and uncertainties 6 on page 64.
What matters to our suppliers How we engaged and the outcomes
• Maintain trusted partnerships
with our key suppliers.
• Proven success in delivering
collaborative partnerships to drive
consumer demand.
We maintain trusted partnerships with our key suppliers, alongside the need to ensure
that we are achieving value for money for our shareholders, and good service for
our customers and pub teams. For the mutual benefit of the company, its customers
and suppliers, the company continued to work on relationships it had with suppliers,
especially those providing drink products. The company continued to look at ways
of working more closely, proactively and collaboratively with suppliers to create or
increase consumer demand. Some examples of the close proactive and collaborative
partnerships include:
• partnering with Plymouth Gin to support the Ocean Conservation Trust, resulting
in fundraising of £20,000 to date of £70,000; and
• working with Sapling Spirit who plant a tree for every bottle sold and to date though
Young’s purchases 2,623 trees have been added to their forest.
Further detail on how we have engaged with our suppliers across all categories,
can be found within the our community section of the strategic report starting
on page 40.
Investors
Continued access to capital is of vital importance to the long-term success of the company’s business. Through its engagement
activities, the company strives to obtain investor buy-in to the company’s strategy of how to grow the business and the company’s
business model, setting out how value is created. The aim is to promote an investor base interested in a long-term holding
in the company.
See also principal risks and uncertainties 8 on page 65.
What matters to our investors How we engaged and the outcomes
• Continued growth of
the business.
• Communication with
senior executives.
• Return on investment.
• Good governance.
For information on the company’s main methods of engagement with investors
see the shareholder relations section within the corporate governance report,
starting on page 84.
During the period, the chief executive and chief financial officer held one-to-one
meetings with investors following the release of the full and half-year results.
During these meetings, the investors were presented with details of the performance
of the business, and this allowed them the opportunity to ask questions. Additionally,
the chief executive and chief financial officer ran investor days whereby investors were
given the opportunity to visit a range of pubs to showcase any recent investments carried
out and meet the teams within those pubs. Other senior leadership team members and
operation managers were invited to join.
The chief executive and chief financial officer held a capital markets day where they
presented the company’s long-term strategy, financial targets and business updates
to analysts, investors and stakeholders.
The company’s investors remain supportive of the company’s strategy and
business model.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 69
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How we have engaged with our stakeholders cont inued
Section 172(1) statement continued
Lenders
Lenders are an additional important source of capital. As it does with its investors, the company looks to get buy-in from its lenders
to the company’s strategy and business model. The intention is to develop supportive, long-term relationships.
See also principal risks and uncertainties 11 on page 66.
What matters to our lenders How we engaged and the outcomes
• Understanding trends and
performance of the business.
• Compliance with covenants.
• Insight of investments
and acquisitions.
• Changes in the executive team.
The chief financial officer regularly spoke with the company’s banks and noteholders.
Further, as required under the terms of the company’s loan facilities, they received quarterly
covenant compliance certificates.
The company’s lenders remained supportive of the company’s strategy and business
model, discussions between them and the company focused on the company’s
material activities.
Trustee of the final salary pension scheme
The company operates a defined benefit pension scheme covering benefits payable to various current and former employees;
the scheme was closed to new entrants in February 2003. The scheme is a key company financial commitment as it needs to be
funded to meet agreed benefit payments and regulatory pension funding requirements. The scheme’s trustee is Young’s Pension
Trustees Limited, a corporate trustee. The company recognises that the trustee and the company each has a vital role to play in the
proper running of the scheme and that regular, clear and open communication and, where necessary, consultation is important
in helping maintain a good working relationship between the company and the trustee. The company is party to all scheme deeds,
undertaking responsibilities under the scheme’s trust deed and rules together with pension legislation and regulation, as required.
See also principal risks and uncertainties 10 on page 65.
What matters to the trustees of
the final salary pension scheme
How we engaged and the outcomes
• Clear and open communication.
• Integrated risk management.
• Employer covenant.
• Investment strategy.
During the period, the chief financial officer worked closely with the trustee. The chair of the
trustee is a non-executive director of the company and gave presentations to the company’s
board on various aspects of the scheme.
Discussions primarily focused on the funding, investment and employer covenant
considerations, ensuring an integrated approach to risk management. Strategic scheme
initiatives, such as the approach to liability management and minimising volatility
were considered.
The chief financial officer attended meetings with the trustee and delivered presentations on the
company’s business, thus keeping the trustee informed of the company’s financial position and
of any plans that would change or impact upon the employer covenant supporting the scheme.
The company supported the trustee’s suggestion of implementing a liability driven investment
strategy to help minimise risks from interest rate and inflation changes, with cashflow-matching
assets held to ensure appropriate liquidity to meet pension payments, growth assets held with
the aim that the higher expected return will improve funding, as well as a gradual reduction
in Young’s shares being agreed to. After obtaining input from the company the trustee put
in place a new statement of investment principles, dated November 2024.
The trustee continues with a carefully designed strategy to manage liabilities and underlying
scheme risk, all against the background of the scheme’s continuing maturity and a funding
target of securing a buy-out policy within the next 10 years. The 2023 triennial actuarial
valuation was signed ahead of the statutory deadline (to provide greater certainty for the
company, trustee and members on funding). As a result of the triennial valuation, the
company agreed to increase its annual deficit funding contribution to £1.9 million. The trustee
requested a discretionary increase for the years starting 1 April 2024 and 1 April 2025,
which were agreed.
In terms of the Trustee Knowledge and Understanding (‘TKU’) requirements of the Pensions
Regulator, the trustee directors regularly undertake appropriate training.
Overall, because of the company’s engagement and the proactive appropriate stewardship of
the trustee, the scheme’s funding remained stable and strong member communications helped
with liability management.
Strategic Report
70 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Principal decisions
For the purposes of this statement, the directors regard their
principal decisions as not only those that are material to the
group, but also those that are significant to any of the company’s
principal stakeholder groups. Set out below are the principal
decisions made by the directors during the period; implicit
in making these was the desirability to maintain a reputation
for high standards of business conduct and the need to act fairly
as between members of the group.
Approval of capital and revenue budget
for FY27
The capital and revenue budget for FY27 was approved by
the board in March 2026. Despite ongoing cost challenges,
the board believes that the company’s premium offering
would remain attractive to existing customers and act as a
draw to new ones. The company’s business model and budget
would allow the company to continue to invest in its people
and pay them appropriately, and capital would continue to
be available to invest in the company’s estate and enable
selected hand-picked complementary acquisitions to be
made. The company’s plans, underpinning the budget, are
demanding but will position the company well against its longer-
term value creation vision, while honouring its commitments
to its stakeholders.
Payment of a final dividend in respect
of FY25 and payment of an interim dividend
and final dividend in respect of FY26
Following a board recommendation and shareholder approval
of the same at the company’s 2025 AGM, a final dividend of
11.53 pence per share was paid to shareholders in July 2025
(at a total cost of c.£4.3 million), this was followed, in December
2025, by payment of an interim dividend of 12.22 pence per
share (at a further total cost of c.£4.5 million). These payments
were anticipated in the revenue and capital budget for FY25
approved by the board in March 2025. Funds to pay these
dividends were from the group’s distributable reserves.
The company will recommend the payment of a final dividend
of 12.22 pence per share to shareholders for the financial year
ended 30 March 2026 at the company’s 2026 AGM.
Main market transition
During the period the board approved the decision to make
the transition from AIM onto the Main Market of the London
Stock Exchange. This decision was made in order to make
Young’s more accessible to a wider base of investors, and
enhance our corporate profile and appeal, including the ability
to attract new investment. The move to the Main Market
completed on 28 April 2026.
Acquisitions
During the period, there was a freehold acquisition of one site.
In April 2026, the company acquired Cubitt House Group,
strengthening our premium portfolio. For further information
refer to financial statements - note 33.
The acquisitions were made to support the company’s value
creation acquisition strategy where the board believes the
company’s premium offering will flourish.
Property disposals
During the period, the company undertook the planned disposal
of one non-trading former City pub, the surrender of two leases
and the sale of an unlicensed property.
Tender offer
In November, an offer was made to acquire the remaining
shares in The Galaxy (City) Pub Company Limited and The
Sovereign (City) Pub Company Limited. Following a robust
tender process, the company increased its holding from 61%
to 69%. The shares in both companies are held indirectly.
Pages 1 to 71 form the strategic report of Young & Co.’s Brewery,
P.L.C. for the 52 weeks ended 30 March 2026. The strategic
report has been approved by the board and signed on behalf
the board by Simon Dodd, CEO.
Simon Dodd
Chief Executive
20 May 2026
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 71
Strategic Report
Corporate
Governance
73 Governance at a glance
74 Chairman’s corporate governance statement
76 Board of directors
78 Senior leadership team
79 Corporate governance report
85 Nominations committee report
87 Audit committee report
93 Remuneration committee report
114 Directors’ report
Corporate Governance
72 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Governance at a glance
Leadership
It is the responsibility of the board to ensure that the company’s strategy
is aligned with the interests of our investors and all other stakeholders.
Remuneration
Our remuneration policy focuses executive directors on performance.
Pay outcomes continue to be linked directly to the achievement of stretching
performance targets, which are the key drivers of our performance.
“Webelievethateffectivecorporate
governance is based on honesty,
integrity and transparency.”
Steve Cooke
Chairman
67%
33%
Board
Male
Female
Male
Female
60%
40%
Senior leadership team
51%
49%
Direct reports
Male
Female
Diversity
Read more in the remuneration report on pages 93 to 113.
Please refer to the corporate governance board and committee independence on page 79 for further information.
Simon Dodd
Mike Owen
Tracy Dodd
Basic salary Benefits Pension Bonus
Year
2026
2025
2026
2025
2026
2025
(Total £’000)
£1,195
£820
£846
£585
£507
£373
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 73
Corporate Governance
Chairman’s corporate governance statement
On behalf of the board, I am pleased to introduce the
company’s corporate governance report for the year ended
30 March 2026.
The board is collectively responsible for the long-term
sustainable success of the company. In fulfilling this responsibility,
we act as stewards of the business, setting clear strategic
direction, overseeing risk and internal control, and ensuring that
our approach to governance supports the creation of value for
shareholders, while having regard to the interests of our wider
stakeholders. We believe that effective corporate governance is
founded on integrity, transparency and accountability and is best
achieved in an environment that promotes open, constructive
and robust debate. This is the culture that the board seeks to
foster, and it remains my responsibility as chairman to lead the
board in embedding these behaviours throughout the group.
Until our change of listing venue on 28 April 2026, the
company applied the Quoted Companies Alliance Corporate
Governance Code (the ‘QCA Code’), which provided a flexible
and outcome-focused framework appropriate for an AIM
quoted company. During the whole of the financial period up
until Admission to the Main Market, I am pleased to confirm
that the ten broad principles around which the QCA Code has
been constructed were effectively embedded in our governance
model and we can report compliance with the Code in all
material respects. A detailed explanation of how the company
has applied each of the QCA Code’s ten principles during the
period is set out on pages 79 to 84 of this report.
Steve Cooke
Chairman
In preparation for Admission to the Main Market, the board
considered the requirements of the UK Corporate Governance
Code (the ‘Code’) and in particular, the areas that would
require the implementation of changes during the period prior
to Admission to ensure that the company would be able to
comply in all material respects with the Code when reporting
to shareholders following admission.
The board had already set out to strengthen its governance
framework through the establishment of a nominations
committee under my chairmanship in June 2025.
Following a review of the composition of the board including
the balance of skills, experience, independence and diversity,
the committee initiated a recruitment process for an additional
independent non-executive director.
Following Sarah Sergeant stepping down from the board at the
end of the financial year, as at the date of Admission to the Main
Market, the board did not fully comply with the independence
requirements of Provisions 11, 24 and 32 of the Code in
relation to the overall balance of independent non-executive
directors and the composition of the audit, remuneration and
nomination committees. This position has arisen on a temporary
basis as a result of board changes during the transition to the
Code. The board expects to complete the ongoing recruitment
process shortly following which it anticipates full compliance with
these provisions.
The board recognises the importance of diversity in supporting
effective decision making and long-term sustainable success.
The board recently adopted a formal board diversity policy,
which sets out its commitment to promoting diversity across
a range of characteristics, including gender, skills, experience
and background. This policy is being applied to inform the
current recruitment process for independent non-executive
directors, with the objective of achieving an appropriately
balanced board that reflects the company’s values, promotes
robust debate and meets applicable regulatory expectations.
Ian Dyson was appointed as senior independent director
following Nick Miller’s departure in July 2025. Ian also
assumed the chairmanship of the remuneration committee
at that time. Under his leadership, the committee undertook
a comprehensive review of executive remuneration.
This resulted in the design of a remuneration policy appropriate
for a Main Market listed company, which aligns pay with
performance, supports long-term value creation and reinforces
the company’s purpose and culture. The policy will be presented
to shareholders for approval at this year’s annual general
meeting, with full details set out in the remuneration report
on pages 93 to 113.
Corporate Governance
74 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
The audit committee continued to oversee the integrity of the
company’s financial reporting, risk management and internal
control framework, including the company’s approach to
climate-related risks and opportunities. Further details of the
committee’s work during the period are set out on pages 87
to 92. With the help of the committee, the board is developing
its processes to support the enhanced internal control
effectiveness declaration required under Provision 29 of the
Code which will be reported against in the next financial period.
Following a detailed annual performance evaluation in the
prior financial period, the board undertook a lighter-touch
performance evaluation this year. The process revealed that
progress had been made against some of the actions identified
in the prior period’s process. The outcomes of the evaluation
have informed our priorities for continuous improvement and
are summarised later in this report.
Engagement with shareholders and other key stakeholders
remains central to the board’s decision making and reflects the
board’s duties under section 172 of the Companies Act 2006
(details on pages 67 to 71). The board regularly considers the
views of stakeholders when reviewing strategy, performance
and risk and seeks to ensure that the company’s culture and
values support its long-term sustainable success.
While the board considers the arrangements currently in place
and detailed on page 38 to provide a constructive basis for
workforce dialogue, it recognises that further enhancements
may be required to ensure full alignment with the expectations
of Provision 5. Accordingly, the board will consider the
effectiveness of the existing arrangements and determine
appropriate enhancements to the employee engagement
framework in the early part of the 2027 financial period.
The board is committed to ensuring that workforce views
are formally and consistently captured and taken into account
in board decision making.
The board looks forward to continued engagement with
shareholders and to welcoming them in person at the
company’s annual general meeting, which will be held
on Tuesday, 7 July 2026 at the Wandsworth Civic Suite.
Steve Cooke
Chairman
20 May 2026
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 75
Corporate Governance
Board of directors
Simon was appointed chief executive
officer in July 2022. He joined the
company as chief operating officer in
September 2019 with responsibility
for the group’s managed house
operations, including marketing.
Having spent more than 20 years
working in the pub and brewing
sector, Simon has a wealth of
experience. Before starting at Young’s,
Simon was an executive director at
Fuller Smith & Turner PLC (‘Fuller’s’)
and managing director of their
beer company from 2016 to 2019.
Previously, Simon was the operations
director of their City pubs division
(from 2015 to 2016). Prior to joining
Fuller’s, Simon was chief operating
officer (2013-14) and commercial
director (2006-13) at the Orchid Pub
Company. Simon is a liveryman for
the Brewers’ Company.
Tracy is responsible for all people-
related functions at Young’s
including HR, recruitment, training,
development, succession planning,
internal communications, ESG and
health and safety. She joined Young’s
in 2015; prior to this Tracy was at the
Orchid Pub Company (from 2006 to
2014) where she held several senior
positions including head of learning
and development. Tracy plays a
pivotal role at Young’s, ensuring that
the group’s rich, premium heritage
and culture lives throughout the
business, while remaining cognisant
of the group’s important regulatory
backdrop, including equality, diversity
and team wellbeing.
Ian was appointed as a non-executive
director of the company in September
2024 and became the company’s
senior independent director and chair
of the remuneration committee in July
2025. He has a strong track record
across consumer-facing industries
and public company boards. He is
currently chair of Currys plc and a
non-executive director of JD Sports
Fashion plc. Ian was chair and, before
that, senior independent director at
ASOS plc, senior independent director
at Flutter Entertainment plc and a non-
executive director of Intercontinental
Hotels Group plc and SSP Group
plc. During his executive career, Ian
was group finance and operations
director of Marks & Spencer Group
plc, chief executive of Punch Taverns
plc and group finance director of Rank
Group plc.
Aisling was appointed as a non-
executive director of the company
in September 2021 and took over
as chair of the audit committee in
January 2024. She has considerable
investment banking, capital markets
and financial services experience.
At Rothschild & Co, she is currently
Co-CEO of Redburn Atlantic, COO
of Global Markets Solutions and a
director of Rothschild & Co Equity
Markets Solutions Limited. During her
15 years at Rothschild & Co., she has
also held the positions of director
in the corporate development and
strategy team and vice president in
the financial institutions M&A team.
Aisling holds a Master’s in Finance
from the London Business School and
qualified as a chartered accountant
with PricewaterhouseCoopers.
Simon Dodd
Chief Executive
Officer
D
Steve was appointed as a non-
executive director of the company in
November 2023 and assumed the
role of non-executive chairman in July
2024. Steve is an experienced adviser,
helping companies in a variety of
sectors including consumer, leisure,
media, retail and real estate. He is a
partner at Brunswick, the international
advisory firm. Before that, he spent
41 years at the law firm Slaughter and
May, including 33 as a partner, and
was head of mergers and acquisitions
there from 2001 to 2016, and the
senior partner of the firm from 2016
to 2024. Steve is a liveryman for the
Brewers’ Company.
Tracy Dodd
Chief People
Officer
D
Ian Dyson
Senior
Independent
Director
R
N
Mike became the company’s chief
financial officer in September 2019.
He has overall stewardship of the
group’s finance functions (including
strategy, forecasting, reporting, tax,
treasury, and risk management) and,
since 1 October 2020, has been
responsible for the group’s IT function.
He has a strong passion for the
industry, having been group finance
and IT director at Hall & Woodhouse
Ltd (from 2016 to 2019), head of
European and then global deployment
in the global business services division
of SAB Miller PLC (from 2014 to
2016), and finance and IT director
at Miller Brands (UK&I) Ltd (from
2008 to 2014). Mike is a qualified
accountant. He is a liveryman for the
Brewers’ Company.
Steve Cooke
Independent
Non-Executive
Chairman
N
Mike Owen
Chief Financial
Officer
D
Aisling Meany
Independent
Non-Executive
Director
A
N
Corporate Governance
76 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Committee membership
A
Audit committee
R
Remuneration committee Committee chair
D
Disclosure committee
N
Nomination committees
Torquil
Sligo-Young
Non-Executive
Director
John was appointed as non-executive
director on 9 July 2025. He has
over 40 years of experience in the
drinks and hospitality sector, having
held a number of executive roles,
including chief executive, at Scottish &
Newcastle and C&C Group. He also
held non-executive roles at Chapel
Down and Fuller’s, having been senior
independent director at both and
chair at Chapel Down. John is one
of the founders of The Edinburgh
Beer Factory and is a majority
shareholder at Thistly Cross Cider.
He is also an investor in the Artisanal
Spirits Company, an AIM-listed cask
whisky business.
Séverine was appointed in January
2025 and provides counsel to the
board on various governance, legal
and regulatory issues affecting the
group. She started her career as
a solicitor in private practice and
has held positions at several UK
and international private and listed
companies including Eurotunnel (now
Getlink). Prior to joining Young’s, she
was company secretary of Fuller, Smith
& Turner P.L.C. She was also part of
the Young’s company secretarial team
earlier in her career.
Séverine Béquin
Company
Secretary
John Dunsmore
Independent
Non-Executive
Director
A
R
Torquil joined Young’s in 1985,
becoming an executive director in
1997. During his time as an executive
director, he was responsible for
personnel, health and safety, and
the group’s technological needs, and
he also headed up the company’s
in-house CSR team. In 2020, Torquil
stepped down as an executive director
and became a non-executive director.
He is chairman of a charitable trust
set up by William Allen Young, a
founder of the business, and until
15 May 2026 he was chairman of
Young’s Pension Trustees Limited,
the corporate trustee that manages
the Young & Co.’s Brewery, P.L.C.
Pension Scheme. Torquil is a
liveryman and currently Middle
Warden for the Brewers’ Company.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 77
Corporate Governance
Senior leadership team
Note: Séverine Béquin, the company secretary, is a member of the leadership team.Note: Séverine Béquin, the company secretary, is a member of the leadership team.
Kara is a member of the executive
committee and leads operations with
overall responsibility for the day-to-day
running and profitability of all Young’s
pubs and pubs with rooms.
Stuart is a member of the executive
committee and heads up the property
team with overall responsibility for
delivering the capital expenditure
and development plans for existing
pubs, acquisitions of new pubs and
estate management.
Tom leads the operations in South
West London, North London and
the South East of England.
Kara Alderin
Chief Operating
Officer
Stuart Gallyot
Property Director
Tom Bowen
Director of
Retail Operations
Adam leads the operations of Young’s
Rooms division, stretching from
Wandsworth to the Cotswolds and
across the South and East of England.
Adam Bowers
Director of
Retail Operations
Grant heads up the technology
function and manages the
relationships with our external
software, hardware and
support partners.
Gail oversees the HR function, with
responsibility for HR support, policy
design and employee relations.
Gail Khan
Director of HR
Grant
MacFarlane
Director of IT
Gillian heads up the group sales
and marketing function and is
also responsible for commercial
procurement of our premium
drink offer and maximising
commercial value.
Gillian
McLaren
Director of Sales
and Marketing
Oliver is responsible for overseeing
operations across Young’s pubs and
pubs with rooms, spanning the South
and South West of England, as well
as Wales.
John leads the operations in South
West London, West London and
East London.
John St. John
Director of
Retail Operations
Oliver
Aubrey-Thomas
Director of
Retail Operations
Corporate Governance
78 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Corporate governance report
The company is firmly committed to high standards of corporate governance based on honesty, integrity and transparency.
The company has been, and continues to be, compliant in all material ways with the QCA Code, which has provided the company
with a flexible but rigorous outcome-oriented environment in which to be able to continue to develop its governance model as
necessary. Following Admission, the board reports against the UK Corporate Governance Code.
The board
The board is responsible for leading and controlling the company and has overall authority for the management and conduct
of the group’s business and its strategy and development. The board is also responsible for ensuring the maintenance of a sound
system of internal control and risk management (including financial, operational and compliance controls, and for reviewing
the overall effectiveness of systems in place) and for the approval of any changes to the capital, corporate and/or management
structure of the group.
The board takes a long-term outlook and sees itself as responsible to a wide range of stakeholders, while pursuing its objectives
in a manner consistent with its statutory duties, for the benefit of the company’s members as a whole.
The board governs mainly through its executive management and via committees, the principal ones of which are listed below.
At its meeting on 21 April 2026, the board substantively updated its schedule of matters reserved for its decision to align with the
Code and the UKLRs. Key changes include the introduction of new sections covering risk management strategy and risk appetite,
the addition of a new ‘Contracts’ section expressly referencing significant transactions (as defined by the UKLRs) and related
party transactions (as defined by the UKLRs), enhanced provisions on board membership and appointments (including the role
of the nominations committee), new provisions on stakeholder engagement and workforce engagement in accordance with the
Code and on corporate governance matters including board evaluation and diversity oversight. A copy of the schedule is available
on the company’s website.
At the same time, the board adopted formal policies in relation to significant transactions and related party transactions to ensure
compliance with UKLR 7 and 8 respectively.
Finally, the board adopted a formal statement on the division of responsibility between the chairman of the board, the chief
executive officer and the senior independent director. This is available on the company’s website.
At its meeting on 21 April 2026, the board adopted a formal board diversity policy to support the company’s ambitions for
an inclusive and diverse board membership. While recognising that all appointments are merit-based, it sets out diversity
objectives in support of the Hampton-Alexander Review on gender diversity and the Parker Review on ethnic diversity, including
targets of at least 40% women directors, at least one woman in a senior board role (Chairman, CEO, CFO or SID), and at least
one director from an ethnic minority background. Responsibility for monitoring progress against those objectives is delegated
to the nominations committee.
Board and committee independence
The UK Corporate Governance Code recommends that
at least half of the board of directors of a UK listed company
(excluding the chair) should comprise ‘independent’ non-
executive directors, being individuals determined by the board
to be independent in character and judgement and free from
relationships or circumstances which may affect, or could
appear to affect, the directors’ judgement. The board currently
comprises (and will, at Admission, comprise) eight directors,
including the independent non-executive chairman, the chief
executive officer, the chief financial officer, the chief people
officer, three independent non-executive directors and one
non-executive director.
Prior to the resignation of Sarah Sergeant as a director on
31 March 2026, the company was in compliance with this
aspect of the UK Corporate Governance Code. The board
considers that Steve Cooke, Ian Dyson, Aisling Meany and
John Dunsmore meet the independence criteria set out in the
UK Corporate Governance Code. Although half of the board
therefore still comprises independent non-executive directors,
the non-executive chairman is included in this number and,
as a result, the board is not currently in compliance with this
aspect of the UK Corporate Governance Code.
The board intends to continue its recruitment process following
the appointment of Sonita Alleyne as a new non-executive
director with effect from the end of the annual general meeting
in July, taking into account the independence and diversity
requirements of the Code. In due course, we will also address
the composition of committees in light of the requirements
of the Code with new appointments being made.
In compliance with the UK Corporate Governance Code,
the board has established audit, remuneration, nominations
and disclosure committees. Prior to Sarah Sergeant’s resignation,
the audit and remuneration committees each comprised three
independent non-executive directors and the nominations
committee comprised the independent non-executive chairman
and two independent non-executive directors. Sarah Sergeant
was a member of both the company’s audit and remuneration
committees; as a result of her departure, the audit and
remuneration committees do not currently meet the
committee composition guidelines set out in the UK Corporate
Governance Code.
The board has initiated a search process for an additional
independent non-executive director so as to enable the
company to comply with the provisions of the UK Corporate
Governance Code set out above as soon as practicable
following Admission.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 79
Corporate Governance
Corporate governance report continued
Independent non-executive chairman
The UK Corporate Governance Code recommends that a chair
should meet the independence criteria set out in the UK
Corporate Governance Code on appointment and that the roles
of the chair of the board and the chief executive officer should
not be exercised by the same individual. Steve Cooke assumed
the role of independent non-executive chairman in July 2024
and was considered by the board to be independent on his
appointment. The company has established a clear division
of responsibilities between the independent non-executive
chairman and the chief executive officer.
Senior independent non-executive director
The UK Corporate Governance Code also recommends that
the board of directors of a UK-listed company should appoint
one of its independent non-executive directors to be the senior
independent non-executive director. The senior independent
non-executive director should provide a sounding board for
the chair and serve as an intermediary for the other directors
and shareholders of the company. The senior independent
non-executive director should be available to shareholders
if they have concerns that the normal channels of chair,
chief executive officer or other executive directors have failed
to resolve or for which such channel of communication is
inappropriate. Ian Dyson was appointed as the company’s senior
independent non-executive director with effect from 9 July 2025
replacing Nick Miller who stepped down in July 2025.
Re-election
The UK Corporate Governance Code recommends that all
directors of UK listed companies should be subject to annual
re-election. The company has adopted this practice since 2025.
The directors accordingly put themselves up for re-election
at the company’s last annual general meeting, held on 9 July
2025, and intend to put themselves up for re-election at each
subsequent annual general meeting.
Board committees
The board has established an audit committee, a remuneration
committee, a nominations committee and a disclosure
committee. Each board committee operates under clear Terms
of Reference, which are available on the company’s website.
If the need should arise, the board may set up additional
committees as appropriate.
Audit committee
The members of the audit committee are:
Name Position Independence status
Aisling Meany Chair Independent
John Dunsmore Member Independent
The UK Corporate Governance Code recommends that an
audit committee comprise at least three members who are
independent non-executive directors and that the chair of
the board of directors is not a member. The UK Corporate
Governance Code also recommends that the audit committee
includes one member with recent and relevant financial
experience. As noted above, as a result of Sarah Sergeant’s
resignation as a director (and therefore as a member of the audit
committee), the audit committee does not currently comprise
three members. However, the board considers that the company
otherwise complies with the requirements of the UK Corporate
Governance Code in these respects.
The audit committee examines matters relating to the financial
affairs of the Group. The audit committee oversees the
relationship of the company with its external auditor, including:
(i) the approval of the external auditor’s terms of engagement;
and (ii) the nature and scope of the annual audit plan. The audit
committee has unrestricted access to the external auditor.
The responsibilities of the audit committee include (but
are not limited to): (a) oversight of financial reporting and
market updates; (b) narrative reporting; (c) internal control
and risk management; (d) oversight of the company’s
internal audit processes; (e) oversight of external audit
processes; and (f) ensuring the effectiveness of the company’s
whistleblowing arrangements.
The audit committee is required to produce a report to be
included in the company’s annual report and accounts which
details the work of the audit committee including, but not limited
to, the significant issues that the audit committee considered
in relation to the group’s financial statements for that year and
how the audit committee has assessed the independence and
effectiveness of the external audit process. This report can be
found at pages 87 to 92.
Prior to Admission, in order to better align with the requirements
of the UK Corporate Governance Code, the audit committee’s
Terms of Reference have been updated to make clear that:
(i) the audit committee must comprise at least three members;
(ii) the independent non-executive chairman cannot be a
member; and (iii) on behalf of the board, the audit committee
has responsibility for carrying out an annual review of the
company’s risk management and control framework.
Nominations committee
The members of the nominations committee are:
Name Position Independence status
Steve Cooke Chair Independent
Ian Dyson Member Independent
Aisling Meany Member Independent
The UK Corporate Governance Code recommends that
a majority of the members of the nominations committee
are independent non-executive directors. The board considers
that the company complies with the requirements of the
UK Corporate Governance Code in this respect.
The responsibilities of the nominations committee include
(but are not limited to): (i) regularly reviewing the structure,
size and composition of the board (including its skills,
knowledge, experience and diversity); (ii) ensuring plans
are in place for orderly succession to the board and senior
management positions (including by recommending suitable
candidates for new directors to the board); and (iii) overseeing
the development of a diverse pipeline for succession.
The nominations committee is also responsible for an annual
review of the time required from non-executive directors
in order to fulfil their duties.
Corporate Governance
80 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
The nominations committee is required to produce a report to
be included in the company’s annual report and accounts which
describes, among other items, the process used in relation to
appointments, how the board performance review has been
conducted and the policy and any initiatives on diversity and
inclusion. This report can be found at pages 85 to 86.
Prior to Admission, in order to better align with the requirements
of the UK Corporate Governance Code, the nominations
committee’s Terms of Reference have been updated to make
clear that: (a) the nominations committee is responsible for
assisting the independent non-executive chairman and the
senior independent non-executive director with an annual
review of the performance and effectiveness of the board, its
committees, the independent non-executive chairman and each
director; and (b) the nominations committee should ensure than
an external evaluation of the performance and effectiveness
of the Board is undertaken at least every three years.
Remuneration committee
The members of the remuneration committee are:
Name Position Independence status
Ian Dyson Chair Independent
John Dunsmore Member Independent
The UK Corporate Governance Code recommends that
the remuneration committee should comprise at least three
members who are independent non-executive directors and
that that the chair of the board of directors should not be
the chair of the remuneration committee. As noted above,
as a result of Sarah Sergeant’s resignation as a director (and
therefore as a member of the remuneration committee), the
remuneration committee does not currently comprise three
members. However, the board considers that the company
otherwise complies with the requirements of the UK Corporate
Governance Code in these respects.
The responsibilities of the remuneration committee include
(but are not limited to): (i) determining the remuneration for
the executive directors (including salary and incentive schemes);
(ii) agreeing the specific terms and conditions of employment
for the executive directors (including pension arrangements);
and (iii) determining whether awards will be made under the
Share Plans.
Prior to Admission, in order to better align with the
requirements of the UK Corporate Governance Code, the
remuneration committee’s Terms of Reference have been
updated to make clear that: (a) the remuneration committee
is responsible for setting remuneration for the independent
non-executive chairman of the board and the company’s senior
management; (b) the remuneration committee should review
and oversee workforce remuneration and related policies, and
to take these into account when determining executive director
remuneration; and (c) to produce an annual remuneration
report on the directors’ remuneration policy and practices
to be included in the company’s annual report and accounts.
The annual remuneration report shall be put before the
company’s shareholders for a vote as required by applicable
law or regulation.
The report of the remuneration committee can be found at
pages 93 to 113 together with the new directors’ remuneration
policy, which will be proposed for approval by shareholders
at the annual general meeting on 7 July 2026.
Disclosure committee
The members of the disclosure committee are:
Name Position Independence status
Mike Owen Chair Executive Director
Simon Dodd Member Executive Director
Trac y Dodd Member Executive Director
The disclosure committee has delegated responsibility for
overseeing the disclosure of information by the company
in accordance with its regulatory obligations.
The responsibilities of the disclosure committee include (but are
not limited to): (i) assisting in the design and implementation
of disclosure controls and procedures; (ii) determining whether
any information is inside information; (iii) determining the scope,
content and timing of certain disclosures; (iv) whether a delay to
disclosure is justified; and (v) approving certain announcements
through an RIS.
Prior to Admission, the disclosure committee’s Terms of
Reference have been updated to reflect that: (a) the disclosure
committee must comprise at least three members; and (b) the
disclosure committee must ensure that the company meets
its disclosure obligations under applicable law, including under
the UK Listing Rules, the Disclosure Guidance and Transparency
Rules and UK MAR.
Board meetings
The board meets every two months, with additional meetings
arranged as required. It met six times for scheduled board
meetings during the period, excluding the strategy meeting
held in October. Most meetings take place at Copper House;
occasionally, they are held at one of the group’s pubs, thus
providing the board with further opportunities to keep up
to date with the group’s business and how particular pubs
are performing.
Formal meeting agendas, made up of regular and other specific
business matters and supporting packs, are provided to board
members seven clear days prior to scheduled meeting and, in
any event, sufficiently in advance of each meeting to ensure
there is time for these to be reviewed. The agenda for each
meeting is prepared by the company secretary and agreed
with the chairman and the chief executive.
Included in the pack for each of the board’s scheduled meetings
is a report from the chief executive, a summary of financial
performance for the year to date, a latest financial forecast,
an operations report, a health and safety report, a people report
and details of any material claims against the group. At the
meetings, members of the executive committee expand upon
the matters covered in their reports, and the company secretary
updates the board on governance and compliance matters.
The chairs of the audit, remuneration and disclosure committees
also report formally on the proceedings of their committees
and minutes of those committee meetings are made available
to members of the board.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 81
Corporate Governance
Corporate governance report continued
Time is regularly put aside at board meetings to discuss strategy
and members of staff are invited to attend board meetings to
give presentations and/or provide updates on developments
in their areas of responsibility. During the period the board
received strategy presentations from the director of food, the
director of property, the directors of retail operations and ESG
updates from the sustainability manager.
The formal flow of information at board meetings is in addition
to information exchanged outside of those meetings, often
in relation to ad hoc matters that need considering between
meetings. The directors also received, usually on a weekly
basis, the group’s sales numbers, and, on a monthly basis,
a management accounts pack that includes: a summary of
the group’s financial and non-financial performance; sales
information for drink, food and accommodation for the periods;
and the group’s financial position and cash flow. The non-
executive directors also meet with the chairman or one or
more of the executive directors outside of board meetings.
The annual strategy meeting gives management and the
non-executive directors an opportunity to discuss a variety
of matters. Once the strategy is agreed, management is able
to build the budgets for the following period and develop
longer-term plans. Peel Hunt (broker and analyst sides) and Stifel
attended this period’s strategy meeting and the key matters
covered included:
• review of the sector dynamics, investor sentiment and
sector M&A;
• review and approval of the group’s long-term business plan
and a re-affirming of the group’s strategy and business model;
• capital investment consideration; and
• consumer and competitor review.
The effective operation of the board is dependent on the
inherent checks and balances within the various board roles.
As highly qualified and successful individuals in their respective
fields, all non-executive directors influence, debate and
contribute to decisions relating to the strategy of the company,
its performance, and its impact on stakeholders. Open and
constructive debate in meetings was always encouraged by
the chairman, and non-executive directors are encouraged,
and are expected to offer, alternative viewpoints and challenge
perceptions and decisions as appropriate.
Attendance at board and committee meetings
Meeting attendance Board Audit committee Remuneration committee Nominations committee
Number of meetings 6 3 7 2
Simon Dodd 6/6 – – –
Mike Owen 6/6 – – –
Trac y Dodd 6/6 – – –
Steve Cooke 6/6 – – 2/2
Torquil Sligo-Young 6/6 – – –
Aisling Meany 6/6 3/3 5/5 2/2
Ian Dyson 6/6 2/2 7/7 2/2
John Dunsmore
1
4/4 2/2 3/3 –
Nick Miller
2
2/2 1/1 4/4 –
Sarah Sergeant
3
6/6 3/3 6/7 –
1 John Dunsmore was appointed as an independent non-executive director at the annual general meeting on 9 July 2025 – he attended all the
meetings of the board that he was eligible to attend.
2 Nick Miller stepped down as non-executive director at the annual general meeting on 9 July 2025 – he attended all meetings of the board that
he was eligible to attend.
3 Sarah Sergeant stepped down at the end of the financial year on 31 March 2026 – she attended all meetings of the board that she was eligible
to attend.
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82 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Director induction
New directors undertake a tailored induction programme
to enable them to become as effective as possible as a director
of the company in the shortest practicable time recognising that
the process can take up to a year until a new director has gone
through a full board cycle.
The induction programme enables a new director to build an
understanding of the nature of the company, its business and
the markets in which it operates. It is also intended to facilitate
the building of links with the company’s key people and an
understanding of the company’s main relationships. In addition
to meeting non-executive directors, the programme involves
meetings with management and key external stakeholders.
Such meetings may take the form of days out in trade visiting
the estate. The company secretary will spend time with any
new director, ensuring they understand the key policies
and procedures they need to comply with. All the relevant
information is made available to new directors and remains
available at any time via the board portal.
Time commitment
The executive directors are expected to devote substantially
the whole of their time, attention and ability to their duties,
whereas, as one would expect, the non-executives have a lesser
time commitment. Apart from the chairman, who has agreed
to spend 30–50 days a year on work for the company, non-
executives are expected to dedicate around 20 days a year to
their role with the company. The non-executive directors have
all confirmed that they are able to allocate sufficient time to meet
the expectations of their role, and they are required to obtain
the chairman’s agreement (or, in the case of the chairman,
the chief executive’s agreement) before accepting additional
commitments that might affect the time they are able to devote.
Service contracts and letters of appointment
Copies of the executive directors’ service contracts and copies
of the letters of appointment of the non-executive directors are
available for inspection at the company’s registered office.
Training and development
From time to time, the directors, as appropriate, attend training
courses, conferences and/or industry forums, read technical and
other journals and undertake online learning to keep up to date
on various matters. They also attend relevant specialist briefings,
some of which form part of board and executive committee
meetings. The executive and non-executive directors regularly
spend time out in the trade with fellow directors, shareholders,
team members and industry representatives; this helps them
to keep up to date with the group’s operations, developments
in the market and the competition. The board also benefits
from regular presentations from the senior leadership team
and others in the business.
The board received refresher training on directors duties
generally and the specific aspects of becoming a director
of a Main Market listed company prior to Admission.
Advice for directors
Subject to certain limitations, all the directors are entitled to obtain
independent professional advice at the company’s expense.
Conflictsofinterest
Throughout the period, the board had a procedure in place
enabling it to consider and authorise situations where a director
had an interest that conflicted, or could possibly conflict, with
the interests of the company; this is set out in article 63 of
the company’s articles of association. The board reviewed the
board’s conflicts during the financial period and concluded that
conflicts had been appropriately authorised and that the process
for authorisation was working effectively. The board will continue
to monitor and review potential conflicts on a regular basis.
In relation to the appointment of Simon Dodd to the board, the
board took steps to ensure that the company’s internal controls
and processes were reviewed prior to him starting employment
with the company. Minor changes were required to ensure that
the roles and authorities were appropriately separated to avoid
potential conflict situations with his spouse, Tracy Dodd.
On his appointment as chief executive, the board took further
steps to strengthen its processes. As a result, on an ongoing
basis, Tracy Dodd’s personal objectives and performance reviews
are undertaken by the chairman, who meets with her regularly
and conducts formal performance reviews on a quarterly basis.
Her remuneration is the responsibility of the remuneration
committee, and the chief financial officer approves her expenses.
The company’s internal controls and processes are reviewed
on a regular basis to ensure their roles and authorities remain
appropriately separated. The chairman regularly discusses
the composition of the board and the performance of the
executive directors with the non-executive directors, and they
are comfortable with the current composition of the board
and the steps that have been taken to avoid any potential
conflict situations.
At its meeting on 21 April 2026, the board adopted a conflict
of interest policy. This new policy establishes the principles and
guidelines for the identification, management and reporting
of conflicts of interest across the company. It applies to all
members of the board and all permanent teams, and sets out
the responsibilities of the board, business heads and individual
employees in relation to actual, potential and perceived conflicts
of interest.
Liabilityinsurancecoverfordirectorsandofficers
The company maintains, at its own expense, insurance cover
in respect of legal action against its directors and officers.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 83
Corporate Governance
Corporate governance report continued
Board evaluation
In 2024, the board appointed Lintstock Limited (‘Lintstock’),
to undertake its evaluation exercise. Lintstock has no
other connection with the company or any of its directors.
While the initial evaluation exercise carried out in 2025
involved the completion of a series of questionnaires by each
director and the company secretary as well as individual
interviews, the process in the period involved the completion
of questionnaires only. The board intends to carry out a fuller
evaluation every three years. The chairman met with each
director individually to discuss their personal feedback and
seek their views on which recommendations to implement.
Once this had been completed, he worked with the chief
executive to devise an implementation plan for recommendation
to the board. At its March 2026 meeting, actions were agreed
to enhance the strategic dialogue, not only between board
members but with investors, as well as focusing on achieving
improved diversity.
Throughout the year, the chief executive informally appraised
the individual performance of the chief financial officer as part
of his regular one-to-one meetings with him. The chairman
regularly appraised the performance of the chief executive
officer and the chief people officer on a one-to-one basis
during the period. Individual development needs were
discussed, as well as areas in which the executives could
seek mentoring guidance.
Risk
The board as a whole oversees risk. With the chief executive
having overall responsibility for implementing the group’s
strategy, it is the executive committee, as a group under his
leadership, that is primarily responsible for keeping abreast
of developments that may affect delivery of that strategy
(especially in terms of their likelihood and impact), identifying
any mitigating actions that could be taken and then ensuring,
as far as possible, those actions are taken – here the executive
team’s experience and management, collectively and
individually, is vital. That informal process then feeds through
to the whole board when it considers, on an annual basis,
the list of principal risks and uncertainties for inclusion in the
strategic report (see pages 62 to 66). Additionally, the executive
committee regularly considers the group’s financial controls
memorandum – this comprehensive and internally-focused
document identifies a number of finance-related risks and, for
each of them, sets out the potential business impact, potential
for occurrence, what mitigating controls are in place and who
within the business has responsibility for managing the control.
Any changes to the document are considered by the audit
committee before being submitted to the board for approval.
Although the board has overall responsibility for the group’s
systems of internal control and risk management, and for
reviewing their effectiveness, the audit committee performs
an important role in monitoring those systems – a summary
of what the committee did during the period in this regard
is in the audit committee section starting on page 87.
Shareholder relations
Copies of the annual report (which includes the notice of annual
general meeting) and the interim report are made available
to all shareholders, and they can be downloaded from the
investors section of the company’s website www.youngs.co.uk.
The annual report is mailed to those shareholders who have
requested a hard copy and the company continues to encourage
shareholders to sign up to receive documentation electronically.
Other information for shareholders and interested parties is also
provided on the company’s website, including the preliminary
and half-year results presentations to investors.
The company has an ongoing programme of individual
meetings with institutional shareholders and analysts following
the preliminary and half-year results presentations to investors.
These meetings allow the chief executive and the chief financial
officer to update shareholders on strategy and the group’s
performance. Additional meetings with institutional investors
and/or analysts are arranged from time to time.
All board members receive copies of feedback reports from the
results presentations and investor meetings, thus keeping them
in touch with shareholder opinion.
Torquil Sligo-Young is the key contact with the company’s family
shareholders, having an important role to play in keeping them
abreast of developments within the business. Ian Dyson, as the
senior independent non-executive director, and the other non-
executive directors are all willing to engage with shareholders
should they have any questions or concerns that are not
resolved through the normal channels. The company secretary
can also be contacted by shareholders on matters of governance
and investor relations.
The board particularly supports the use of the annual general
meeting to communicate with private investors. The annual
general meeting is well attended, and all shareholders are
given the opportunity to ask questions and raise issues; this can
be done formally during the meeting or informally with the
directors after it.
At the annual general meeting, the company proposes a
separate resolution on each substantially separate issue. For each
resolution, proxy appointment forms are issued, which provide
voting shareholders with the option to vote in advance of the
annual general meeting if they are unable to attend in person.
All valid proxy votes received for the annual general meeting
are properly recorded and counted by the company’s registrar.
All resolutions proposed at the meeting will be decided on a
poll in accordance with current recommended best practice.
As soon as practicable after the conclusion of the annual general
meeting, the results of the meeting are released through a
regulatory information service and a copy of the announcement
is posted on the regulatory news page within the investors
section of www.youngs.co.uk. This announcement also provides,
for information, details of the total number of voting shares
in issue and the number of shares in respect of which valid
proxy appointments were received; a table is included showing
the number of votes for and against each resolution and also
the number within the chairman’s discretion – excluded from
the table are abstentions/votes withheld and proxy appointments
received from holders who appointed someone other than the
chairman of the meeting as their proxy.
Corporate Governance
84 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Nominations committee report
On behalf of the board, I am pleased to present the first report
of the nominations committee for the financial period ended
30 March 2026.
The committee was constituted in June 2025 to strengthen
the company’s governance framework. Since its inception, the
committee has focused on ensuring that the board continues
to have the appropriate balance of skills, experience and
independence to support the company’s strategy and long-term
success, including by taking into account the change of listing
venue of the company announced at the beginning of 2026.
While the company was subject to the AIM Rules and the QCA
Corporate Governance Code (the ‘QCA Code’) throughout
the financial period under review, the committee reviewed
the company’s governance framework to support its transfer
to the Main Market and to meet the requirements of the UK
Corporate Governance Code (the ‘Code’) following Admission.
This report, therefore, describes the committee’s activities
during the financial period, together with relevant developments
occurring shortly thereafter where appropriate.
Role and responsibilities of the
nominations committee
The responsibilities of the nominations committee include (but
are not limited to): (i) regularly reviewing the structure, size
and composition of the board (including its skills, knowledge,
experience and diversity); (ii) ensuring plans are in place for
orderly succession to the board and senior management
positions (including by recommending suitable candidates for
new directors to the board); and (iii) overseeing the development
of a diverse pipeline for succession. The nominations committee
is also responsible for an annual review of the time required
from non-executive directors in order to fulfil their duties.
Steve Cooke
Committee Chair
Prior to Admission, in order to better align with the requirements
of the UK Corporate Governance Code, the nominations
committee’s Terms of Reference have been updated to make
clear that: (a) the nominations committee is responsible for
assisting the independent non-executive chairman and the
senior independent non-executive director with an annual
review of the performance and effectiveness of the board, its
committees, the independent non-executive chairman and each
director; and (b) the nominations committee should ensure than
an external evaluation of the performance and effectiveness
of the board is undertaken at least every three years.
The Terms of Reference of the committee are available on
the company’s website.
Composition of the committee,
meetings and attendance
During the financial period, the nominations committee
comprised Steve Cooke (chair, independent non-executive
director), Ian Dyson (senior independent non-executive director)
and Aisling Meany (independent non-executive director).
The committee was chaired by an independent non-executive
director and, throughout the period, comprised a majority
of independent directors, consistent with good practice for
AIM quoted companies and the requirements of the Code.
The company secretary acted as secretary to the committee.
The committee met twice during the period. Details of
attendance at meetings can be found at page 82. Other
non-executive directors and the chief people officer attended
meetings by invitation where appropriate.
At its first meeting, the committee considered its Terms of
Reference, the composition of the board and committees and
appointed external advisers to assist with the recruitment of
an additional non-executive director. At its second meeting,
the committee considered certain aspects of the annual board
and committee evaluation, which related to matters within the
committee’s remit. The committee received a detailed update
on current succession plans throughout the business and
including the board.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 85
Corporate Governance
Nominations committee report continued
Board composition and balance
As at 30 March 2026, the board comprised nine directors,
consisting of three executive directors and six non-executive
directors, of whom five were considered independent. Details of
the current directors, including their qualifications, experience
and other commitments are set out on pages 76 to 77.
The committee is satisfied that the current board members bring
a diverse range of skills, knowledge and experience.
During the period, the committee considered the composition
of the board in light of the company’s strategic priorities and its
anticipated transfer to the Main Market, recognising the need
for an orderly and proportionate transition to a governance
framework appropriate for a listed Main Market company.
As indicated in last year’s report, Nick Miller stepped down from
the board at the annual general meeting in July. Ian Dyson took
over the role of senior independent director and chair of the
remuneration committee from Nick. John Dunsmore joined the
board following the annual general meeting and was appointed
as a member of the remuneration and audit committee.
Sarah Sergeant did not seek a renewal of her mandate on
expiry of her first term in office and her appointment ended on
31 March 2026.
Young’s commitment to investing in its people and recognising
their potential, as well as its commitment to equal access to
opportunities, development and reward is detailed in the
strategic report (see pages 34 to 39). This commitment informs
the board’s approach to succession planning for members of the
executive team and board members.
The board recently adopted a board diversity policy, which sets
out the clear belief that it is critical that membership of the board
includes a diverse mixture of skills, professional and industry
backgrounds, geographical experience and expertise, gender,
tenure, ethnicity and diversity of thought; a diverse board
with a range of views, insights, perspectives and opinions will
improve its decision making and be of benefit to the company’s
shareholders and other stakeholders; and a culture of inclusion
and diversity is cultivated through clear tone from the top.
The board supports the recommendations set out in the
Hampton-Alexander Review on gender diversity and the
Parker Review on ethnic diversity. The board supports and
monitors management’s actions to increase the proportion of
senior leadership roles held by women, people from ethnic
minority backgrounds and other under-represented groups
in support of the Hampton-Alexander Review and Parker
Review recommendations.
Noting that all appointments are merit-based, the board
aspires to achieve at least 40% of directors on the board
being women; at least one of the positions of chairman, chief
executive officer, chief financial officer or senior independent
director being held by a woman; and at least one director being
from an ethnic minority background (as defined by the Parker
Review). These objectives for achieving board diversity will be
reviewed periodically.
It is pleasing to report that 40% of the senior leadership team (as
detailed on page 78) are women and 48% of their direct reports
are women.
The nominations committee initiated a recruitment process for
an additional independent non-executive director shortly after its
inception. It appointed Korn Ferry to assist the committee with
a structured recruitment process, which considered the skills,
experience and personal qualities required to complement the
existing board. Korn Ferry has no connection with the company
or any of its directors.
The recruitment process resulted in the board’s decision, as
indicated on page 8, to appoint Sonita Alleyne, as an additional
independent non-executive director with effect from the
end of the annual general meeting to be held later this year.
As indicated on page 79, the board intends to continue the
recruitment process, taking into account the independence
and diversity requirements of the Code. The committee has
supported the chair of the board in carrying out the annual
performance evaluation of the board and committee and
more details can be found on page 84 of the corporate
governance report.
In accordance with the Code, each director currently in office will
seek re-election at the annual general meeting. The committee
considered the performance, contribution and independence
of each director and recommended their re-election
to shareholders.
Following its admission to the Main Market, the company
intends to continue to enhance its diversity disclosures and
practices in line with evolving market expectations. To this end,
the board of directors adopted a board diversity policy.
This report was approved by the board on 20 May 2026.
Steve Cooke
Committee chair
20 May 2026
Corporate Governance
86 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Audit committee report
Areas of responsibility
The committee’s responsibilities are split into four main areas,
with the following principal tasks:
Financial reporting
• Monitoring the integrity of the company’s financial statements
and results announcements, including reviewing any key
accounting and audit judgements and assumptions made
regarding going concern.
• Advising the board on whether, taken as a whole, the
content of the company’s annual report is fair, balanced and
understandable, and whether it provides members with
the information necessary to assess the company’s financial
position, performance, business model and strategy.
• Reviewing the consistency and appropriateness of, and any
changes to, accounting policies and practices.
Aisling Meany
Committee Chair
Internal control and risk management
• Monitoring the integrity, adequacy and effectiveness of the
company’s internal control and risk management systems.
• Reviewing the company’s systems, procedures and controls
for detecting fraud and for the prevention of bribery.
• Reviewing the adequacy and security of the company’s
arrangements for its employees and contractors to raise
concerns in confidence about possible wrongdoing in financial
or other matters.
External audit
• Overseeing the company’s relationship with Ernst & Young
LLP (‘EY’), the external auditor, reviewing the effectiveness of
the company’s external audit process, along with EY’s findings,
and assessing EY’s independence.
• Recommending to the board the appointment,
re-appointment and removal of the company’s external auditor.
• Approving the terms of engagement of, and the remuneration
to be paid to, the company’s external auditor.
Internal audit
• Reviewing, assessing and approving the company’s internal
audit plan, monitoring and assessing the effectiveness of
the company’s internal audit function in the context of the
company’s overall risk management system.
• Reviewing periodically reports on the results from the internal
audit and risk manager’s work.
the group’s preliminary announcements of interim and
final results, and the results themselves,
all prior to review by the board;
the appropriateness of adopting a going concern basis of
preparation of the consolidated financial statements;
the value of the group’s freehold pub estate;
deferred tax arising on the valuation of the group’s
freehold pub estate;
asset impairment assessments for goodwill, right-of-use
assets, investments in subsidiaries and fixtures and fittings;
EY’s performance as the company’s external auditor and
the effectiveness of the audit process;
the group’s systems of internal control and
risk management;
the group’s financial controls memorandum;
the group’s whistleblowing procedures and the group’s
internal procedures and controls for detecting fraud and
preventing bribery;
the results of various internal audit findings;
the committee’s own performance and the independence,
financial literacy and other skills and experience of the
committee’s members; and
detailed consideration of the draft working capital report,
financial position and prospects procedures report
prepared by the reporting accountants as part of the
move to the Main Market.
These, and the committee’s other duties, are set out in the committee’s Terms of Reference which can be found in the
investors section of www.youngs.co.uk. The Terms of Reference were update to reflect the changes necessary to comply
with the requirements of the Main Market.
Major tasks
During the period, the major tasks undertaken by the committee comprised reviews of the following:
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 87
Corporate Governance
Audit committee report continued
After ensuring it was aligned to the key risks of the company’s business, the committee agreed an internal audit plan for FY27
in March 2026.
The committee continued to oversee EY so as to ensure the delivery of a robust audit plan.
Committee membership
During the period, the committee initially comprised of four independent non-executive directors, Aisling Meany, who chairs the
committee, Nick Miller who stepped down as a member of the board on 9 July 2025, Sarah Sergeant, Ian Dyson and, following
his appointment to the board on 9 July 2025, John Dunsmore.
Following a review of the composition of the committees of the board by the nominations committee, Ian Dyson stepped down
as a member of the committee reducing its membership to three non-executive directors.
Following the resignation of Sarah Sergeant with effect from 31 March 2026, the committee’s composition was reduced to two
non-executive directors pending the appointment of an additional non-executive director. The committee considers that this has
not hindered its ability to discharge its responsibility. The members of the committee consider that they have the requisite skills
and experience to fulfil the committee’s responsibilities.
Committee meetings and attendance
The committee met three times during the period (in May, November and March) and the table on page 82 sets out each
member’s attendance record. Torquil Sligo-Young, Steve Cooke and Ian Dyson have a standing invitation to attend committee
meetings. However, their attendance is as observers and in a non-voting capacity. The chief financial officer joined all the
meetings in the period to report on his area. Other business and finance executives and representatives from the external
auditor, EY, and the head of internal audit and risk attend meetings at the request of the committee. The company secretary
acts as secretary to the committee.
Advice, guidance and information
Formal agendas and reports are provided to the committee generally a week before its meetings, along with other information
to enable it to discharge its duties. The following are the most significant items of information, documents and reports provided
to the committee during the period:
Financial reporting and external audit Internal control and risk management Internal audit
Reports from the chief financial officer on
various matters, including key accounting
considerations and judgements, and the
company’s going concern status
Changes to the financial controls
memorandum
Progress reports on FY26 internal audit
plan including results of internal audit
reviews, the effectiveness of controls and
various risks associated with them
Full period review reports,
prepared by EY
Review of the principal risk register An actions tracker for any outstanding
matters as a result of findings made
Review of EY independence
and management representation letters
An internal audit plan for FY27
Financial period-end audit planning
report prepared by EY
Consideration of the requirements
of the 2023 QCA Code and of the
UK Corporate Governance Code
Introduction to the failure to prevent
fraud legislation introduced by the
Economic Crime and Corporate
Transparency Act 2023
Schedules of non-audit work
performed by EY
Whistleblowing procedures including
their effectiveness
Review of the FY26 annual report and
financial statements to ensure that they
were fair, balanced and understandable
FRC’s Audit Quality Review
During the current period, an Audit Quality Review Team from the FRC undertook an inspection of EY’s audit of the group’s 2025
Financial Statements. As part of that process, the committee chair shared her and the board’s view of the quality of the EY audit.
The committee considered the final inspection report, which did not raise any significant findings, and discussed the results and
agreed actions with the lead audit partner. The committee agreed with the overall assessment, which was consistent with its own
view of the quality and effectiveness of the external audit.
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88 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Significant matters considered in relation to the financial statements
The following table sets out what the committee regards as the significant matters considered by it in relation to the group’s
consolidated financial statements and how they were addressed.
Matter How this is addressed
Going concern
assessment
The group adopted the going concern basis of reporting in the preparation of the consolidated financial
statements. The committee reviewed various scenario-based models underpinning the going concern
assumption. This review included:
• challenging management’s assessment of the group’s principal and emerging risks and their
potential impact;
• assessing the likelihood of the risks occurring;
• challenging the appropriateness of the assumptions used in the various scenarios modelled;
• reviewing the banking facilities in place including the refinancing of the £50.0 million facility due
in May 2027; and
• reviewing the going concern disclosure note.
Note 24(b) on page 154 sets out the banking facilities that the group has available. The group
expects, at 28 June 2027 (the ‘going concern’ period), to have available facilities of £303.3 million.
Management reported to the committee on the cash flow models prepared and outlined how they
considered the assumptions to be realistic, achievable, and consistent with the external and internal
environment. As a result of the above, the committee was satisfied that the going concern basis of reporting
was appropriate.
Value of the
group’s pub estate
This number is by far the largest number on the balance sheet at £1,051.6 million as at 30 March 2026.
Note 17 on page 150 explains the valuation exercise undertaken in further detail. The committee focused
its attention on understanding and challenging the annual valuation exercise, including whether there was
any impact resulting from the change in external valuer, and the appropriate accounting approach and
disclosures; it did this by reviewing the approach, the key assumptions, the valuation reports, and other
documentation analysing the outcome of the exercise. Management’s valuation process was supported by the
group’s property director and the group’s valuation experts, using several inputs including the sustainable
level of trade of each pub. The valuation experts physically inspect 20% of the estate each year, with the
remaining portfolio valued on a desktop basis. Particular regard is placed on recent investments to ensure the
appropriate valuation is reached. The valuation exercise has resulted in a net upward revaluation movement of
£13.4 million, being a £21.1 million uplift to the revaluation reserve, offset against a £7.7 million impairment
recognised in the income statement within adjusting items. As a result of the above, the committee was
satisfied that a thorough and robust valuation exercise had been undertaken, with appropriate challenges by
the external auditors and the committee, and that appropriate values were reflected in the balance sheets at
30 March 2026.
Asset impairment
Management completed full impairment tests on certain categories of assets across the group’s estate
which included goodwill, right-of-use assets and investments. The goodwill and investments models have
comfortable headroom at the balance sheet date. In relation to right-of-use assets, ten sites were identified as
having indicators of impairment. For a handful of these sites, a total impairment charge was recognised within
adjusting items of £1.3 million. This was calculated as the difference between the carrying value and the
higher of the fair value less costs to sell. See note 19 on page 151 for further detail. The committee considered
the impairment models used and concluded that the assumptions within the models were appropriate, and
the conclusions reached in relation to impairment were fair. One further site was identified as qualifying for
impairment reversal, with £0.8 million recognised within adjusting items in relation to this. In addition, the
committee acknowledged the fact that the group’s market cap as at 30 March 2026 is below the carrying
value of the net assets of the group, however they are comfortable that no further impairment is required due
to the work performed across the remaining risk areas, including the impairment models and the valuation of
the freehold estate.
Pub acquisitions
and disposals
During the period the group acquired the freehold interest in the Queen of the South (Norwood) for a total
cash consideration of £1.7 million. This property has been classified as held for sale at period end. The group
disposed of the Chapel (Cardiff) for a total cash consideration of £0.6 million, and also disposed of a non-
trading freehold property which was acquired as part of the Bell (Stow) estate, for a total cash consideration
of £0.5 million. The committee concluded that all gains or losses on disposal had been accounted for correctly
in adjusting items.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 89
Corporate Governance
Audit committee report continued
Matter How this is addressed
Deferred taxation
Management, with help from the group’s in-house head of tax and the assistance of external advisers, made
certain judgements and produced detailed calculations supporting the estimated deferred tax movement and
period-end balance. These calculations are complex and detailed. As such, a number of small adjustments
were identified during the process which were corrected in the current period tax numbers. The committee
was satisfied that the deferred tax provision in the balance sheet at 30 March 2026 was appropriate.
Adjusting items
Management makes a judgement around the appropriate classification of adjusting items, being costs
that are either one-off in nature, or outside the course of normal business. Adjusting items for the period
ended 30 March 2026 were £12.0 million. The key adjusting items relate to a net downward movement in
property revaluation of £7.7 million, fees associated with the move to the Main Market of £2.4 million, and
an impairment charge of £1.3 million, largely relating to right-of-use assets. The committee was satisfied that
all of the balances within adjusting items were classified correctly.
EY’s independent auditor’s report on pages 117 to 124 provides further detail on how some of the above matters were addressed.
Non-audit work carried out by EY
Throughout the period, the company had a formal policy in
respect of non-audit work carried out by EY, while appointed
as the company’s external auditor; this was in place to
mitigate any risks threatening, or appearing to threaten,
EY’s independence and objectivity arising through the provision
of services in addition to the statutory audit. Non-audit services
are generally prohibited from being performed by EY unless
they fall within a narrow list of permitted services closely related
to the audit and/or required by law or regulation, there are then
additional safeguards that apply so as to avoid, amongst other
things, EY auditing its own work and/or making management
decisions for the company.
Where the carrying out of certain work is permitted, the
committee must still nevertheless approve the engagement.
During the period, the company engaged EY for a limited
amount of non-audit work comprising the preparation of
turnover rent certificates for the Bull (Westfield, Shepherd’s
Bush) and the Cow (Westfield, Stratford).
The committee approved the engagement of EY as reporting
accountants for the purposes of the move from AIM to the
Main Market and the preparation of a working capital report,
a financial position and prospects procedures (‘FPPP’) report
and comfort letter.
The total fees paid to EY during the period for non-audit
services amounted to £0.8 million being 143% of total fees
paid to EY during the period (2025: £10k and 1%). The audit
committee carefully considered the appointment of Ernst &
Young as reporting accountant for the purposes of the move to
the Main Market, and concluded that this did not prejudice the
external auditors’ independence. This work was completed by
separate departments within Ernst & Young with appropriate
segregation of duties.
Qualification, objectivity, independence
and proposed re-appointment of EY
The committee felt that the qualification, expertise, resources
and effectiveness of EY were appropriate in the context of
the group wanting an effective and high-quality service, and
that EY was independent of the group and not reliant on fees
from the group. The committee concluded that EY’s work
had been robust and perceptive, with EY’s reports showing
a good understanding of the company’s business. As part
of its assessment process, the committee:
• reviewed the audit plan for the period ended 30 March 2026
as regards the activities to be undertaken by EY and EY’s final
audit results report, and considered how EY had handled the
key accounting and audit matters that had arisen;
• reviewed an independence report prepared by EY, which
contained all significant facts and matters bearing upon EY’s
integrity, independence and objectivity that EY was required
to communicate to the company as per the FRC Ethical
Standard and ISA (UK) 260 ‘Communication of audit matters
with those charged with governance’;
• considered EY’s proposed fees for the group’s audit for the
period ended 30 March 2026 and the additional non-audit
services for that same period; and
• obtained the views of management.
The fees paid to EY for audit services for the period ended
30 March 2026 were £0.7 million (2025: £0.8 million).
As a result of the above assessment process, the committee
has recommended the re-appointment of EY as the company’s
auditor, and EY has expressed its willingness to continue.
A resolution to re-appoint EY and a resolution to enable the
directors to set EY’s remuneration will, therefore, be proposed
at the forthcoming annual general meeting.
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90 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Audit firm and partner rotation
The external auditor is required to rotate the audit partner
responsible for the engagement every five years. The previous
partner rotation took place following the FY22 audit and their
successor took over for the FY23 audit. The current audit
partner therefore will be required to rotate after the FY27 audit.
In August 2018, the committee decided to put the group’s
statutory audit out for tender in FY20 given that EY had been
auditor for more than 15 years, in line with good corporate
governance. The tender process followed best practice guidance
issued by the FRC and the committee concluded that it was
appropriate to recommend the re-appointment of EY as the
company’s auditor.
The committee had intended to conduct an audit tender in
advance of the FY28 period end, which would have been
within ten years of the last tender process. However, following
the recent move to the Main Market, taking in to account
the requirement to rotate audit partner after the FY27 audit
and the Main Market rotation rules applied from admission,
the committee will instead keep the matter of audit tender
under review.
Risk and internal control
The board has overall responsibility for the group’s systems of
internal control and risk management and for reviewing their
effectiveness. These systems cannot eliminate risk and are,
therefore, designed to minimise and manage it – they provide
reasonable, but not absolute assurance and seek to:
• mitigate risks which might cause the failure of
business objectives;
• prevent material misstatement or loss;
• help safeguard assets against unauthorised use or disposal;
• ensure the maintenance and reliability of proper accounting
records and financial information used within the business
or for publication; and
• help achieve compliance with applicable laws and regulations.
The executive directors are responsible for implementing and
maintaining the systems, and the committee assists the board
in fulfilling its oversight responsibilities by monitoring the
systems’ integrity.
The group’s strategic priorities and their connection to the
principal risks and uncertainties facing the business are listed
on pages 62 to 66. This is not an exhaustive list of all significant
risks and uncertainties; some may currently be unknown
and others currently regarded as immaterial could turn out
to be material.
The following is an overview of the main parts of the group’s
systems of internal control and risk management:
• clearly defined reporting lines up to the board;
• clearly set levels of authorisation throughout the business;
• a detailed financial controls memorandum;
• the preparation of a comprehensive annual budget and
the preparation of a vision document, which is reviewed
and approved by the executive directors and then further
reviewed and approved by the board;
• the circulation of monthly management accounts, including
commentary on significant variances, updated profit and cash
flow expectations for the period and actual capital expenditure
compared to budget and signed-off sums;
• a detailed investment approval process requiring board
authorisation for all pub purchases and major projects
(with regular performance reviews of invested pubs for
a certain period post-investment);
• board approval for disposals;
• regular reporting of material claims and legal and accounting
developments to the board;
• regular circulation of the group’s anti-bribery policy to Copper
House teams and pub general managers, and assessment of
Copper House teams understanding of that policy;
• the group’s internal audit function and the group’s in-house
team of operations support managers; and
• ongoing health and safety audits and monitoring of
accident statistics, with audit results being a standing item
at board meetings.
The board, assisted by the audit committee, has carried out
a review of the effectiveness of the group’s systems of internal
control during the period ended 30 March 2026 and the
period up to the date of approval of the Consolidated Financial
Statements contained in the annual report. Following this review,
the board concluded that no significant failings or weaknesses
had been identified and plans were in place to address any
minor issues flagged for improvement.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 91
Corporate Governance
The group’s head of internal audit and risk sits within the finance
team, with a clear line of communication to both the chair of the
committee and the company secretary, remaining independent
of the areas under review. The head of internal audit and
risk performs internal reviews of financial, compliance, risk
management and operational areas according to a programme
set by the committee, following input from the chief financial
officer. Audit findings, management responses and progress
on recommended actions are presented to the committee.
Management may supplement the internal resource for these
reviews with specialist external resources; however, none were
perceived as being required during the period. The internal
audit function also reviewed the design and operation of the
group’s key controls, as documented in the group’s financial
controls memorandum. The results of this work were shared
with the executive directors concerned and with the committee,
and with that committee’s approval, the memorandum
was updated.
During the period, the internal audit function focused on:
• key financial controls at Copper House and pubs;
• IT general controls for the key finance system;
• compliance with group policies
at operational level; and
• compliance with relevant industry regulations, and legislation.
Ongoing assessment and monitoring of key risks took place
throughout the period, with internal audit having the ability
to propose adding or replacing planned elements of the work
programme to the audit committee.
Throughout the period, a team of operations support managers
(led by the head of retail audit) undertook a programme of retail
audits across the managed house estate. Through these audits,
they independently reviewed compliance with business policies,
and they provided best practice support to pub management,
principally in the areas of stock and cash management.
The team holds relevant knowledge and experience to perform
this role, drawn from their time as members of the finance
department after employment in one or more of the group’s
pubs. Summary retail audit results for the group’s operating
divisions are presented regularly to senior management,
including the executive directors.
Regular updates on the progress of a number of projects
to enhance the security of the group’s IT infrastructure were
presented to the audit committee throughout the period.
The group has business continuity arrangements in place with
third parties.
The group has a whistleblowing policy that is overseen by
the committee. This policy allows staff to raise any concerns
anonymously and in confidence directly with the group’s
internal audit and risk manager, the company secretary or the
chair of the committee. The audit committee believes, based on
experience to date, that this policy is well communicated in the
organisation and is working well. The policy was reviewed and
updated during the period and any whistleblowing reports are
communicated to the committee.
Aisling Meany
Committee chair
20 May 2026
Audit committee report continued
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92 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
reflecting the robust performance of the business in a
challenging market. All three executives performed very
strongly against their stretching personal objectives, linked to
key strategic areas such as the preparation for the Main Market
move and the successful integration of City Pubs. The ESG
objective further embedded our environmental ambitions into
the business, with the reduction in our utility usage materially
ahead of plan. As a result, bonus outcomes for the executive
directors were between 99% and 99.2% of maximum.
A portion of these awards will be delivered in deferred shares.
Further details are provided on page 106.
Awards granted under the long-term incentive plan in 2023
were based on a three-year performance period, which ended
in FY26. Awards were subject to growth in earnings per share
(two-thirds weighting) and total shareholder return relative
to a comparator group of the company’s peers (one-third
weighting). Adjusted earnings per share growth and total
shareholder return over the period were below the vesting
threshold, therefore, the awards will not vest. Full details of the
targets and outcomes are shown on page 108.
The committee reviewed both the outcomes in the context
of overall performance over the respective periods and
concluded that the formulaic outcomes were a fair and
appropriate reflection of performance. No discretion was,
therefore, exercised in respect of either award.
Remuneration policy review
As a Main Market company, we are now required to operate
under the terms of a shareholder-approved directors’
remuneration policy, a provision which did not apply as an
AIM listed company. We will seek shareholder approval for
the policy at this year’s annual general meeting.
In developing the proposed policy, the committee has
undertaken a comprehensive review of our existing approach
to executive remuneration to ensure that it continues to support
the strategy and shareholder value creation, in the context of the
commercial environment and best practice expectations of the
Main Market.
A summary of the key points, and a simple overview of how
we will implement the policy in FY27, is set out in the following
table on the next page.
Remuneration committee report
Annual statement
Dear shareholder,
On behalf of the board, I am pleased to introduce the directors’
remuneration report for the period ended 30 March 2026, my
first since taking on the role of committee chair in July 2025.
Contained within the report is our first directors’ remuneration
policy (‘policy’), which reflects our recent Admission to the UK
Main Market and for which we will be seeking shareholder
approval at the 2026 annual general meeting.
The remainder of the report explains the remuneration
outcomes for 2026 and how we will implement the new policy
in 2027. This will be subject to an advisory vote at the annual
general meeting.
Overview of 2026 performance
It has been another strong, record-breaking period for Young’s.
We passed the £500 million revenue mark for the first time,
with total revenue up 4.6% to £508.2 million and up 4.7%
on a like-for-like basis. Despite battling well-publicised cost
headwinds, conversion has remained strong with adjusted
operating margins remaining industry leading at 14.0%, with
adjusted profit before tax up 2.9% to £53.1 million.
Incentive outcomes for 2026
The annual bonus for FY26 was based on a mix of adjusted
profit before tax and performance against individual personal
objectives and an ESG objective. Adjusted PBT of £53.1 million
exceeded the maximum target set at the start of the period,
Ian Dyson
Committee Chair
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 93
Corporate Governance
Remuneration committee report continued
Base salary
Simon Dodd (Chief Executive Officer) – £575,000
Mike Owen (Chief Financial Officer) – £390,000
Tracy Dodd (Chief People Officer) – £260,000
Pension
6% of salary (aligned to maximum rate available to the workforce)
Bonus Maximum
CEO and CFO – 125% of salary
CPO – 100% of salary
Deferral
Until the shareholding guideline is met, half of any bonus above 50% of maximum delivered in
shares to be retained for three years
Performance
measures (FY27)
• Adjusted PBT (80%)
• Personal Objectives (20%)
LTIP Structure
‘Hybrid’ combining awards of both performance shares and restricted shares
Time horizons
Vesting over a period of three years, with a two-year post-vesting holding period
Award levels
(2027)
Performance shares: 100% of salary (CEO and CFO)/75% of salary (CPO)
Restricted shares: 25% of salary (50% of salary for 2026 awards only)
Performance
measures (2027)
• Performance shares: Adjusted EPS (50%), LFL Sales Growth (25%) and Adjusted Operating
Margin (25%), each subject to stretching target ranges
• Restricted shares: Vesting subject to an underpin
Shareholding guidelines
• In-employment: 150% of salary
• Post-employment: 150% of salary (or actual holding if lower) for two years
Malus and clawback
Bonus and LTIP subject to comprehensive provisions aligned with best practice
We currently operate a conventional LTIP, which was introduced
in 2022 to replace our deferred bonus ‘matching’ arrangement.
During our recent review, the committee carefully considered
how to optimally structure our long-term reward to best support
strategic delivery and foster long-term shareholder alignment.
We reconfirmed our commitment to incentives, which are
strongly linked to the achievement of stretching performance
targets linked to the execution of the strategy and shareholder
value creation. At the same time, the committee also noted
that restricted shares can enhance shareholder alignment by
supporting the build-up of long-term executive shareholdings,
ensuring retention and stability in the executive team, and by
fostering long-term decision making. Our conclusion was that
a ‘hybrid’ structure, which includes both types of awards but
weighted towards performance would, therefore, provide the
optimal balance between these different benefits. The hybrid
structure will also be cascaded to other senior management
levels within the wider business, creating alignment in long-term
reward structure through the business.
Our hybrid structure is aligned with the key principles of
investor guidance:
• Time horizons. Awards will vest over an initial period of
three years, with a two year post-vesting holding period.
• Performance measures/underpins. The performance shares
will be based on a balanced set of key financial metrics linked
directly to successful execution of the board’s long-term
strategy. Each metric will be based on stretching performance
targets, which are disclosed on page 105. Vesting of the
restricted shares will be based on an underpin aligned to
market practice.
• 50% ‘discount’ for restricted shares. Under the proposed
policy, normal awards levels have been calibrated using a
50% discount to previous LTIP awards in line with shareholder
guidance. A previous LTIP award of 150% of salary translates
to performance shares of 100% and restricted shares of 25%
of salary, on a normal basis.
Performance share metrics (2027) Restricted shares underpin
Adjusted EPS (50%)
Reflects bottom-line profit and is a key metric for
our shareholders
Awards are subject to a discretionary underpin that guides
the remuneration committee when determining whether any
discretion needs to be applied to reduce, including to zero,
the final vesting of awards. The underpin is based on a holistic
review of overall business performance delivered over the
vesting period, as determined by the committee. In assessing
the underpin, the committee will consider the group’s overall
performance by reference to a range of factors including
underlying financial health in the context of the board’s
expectations and the market environment, strategic execution,
and progress towards our sustainability commitments.
Like-for-like Sales Growth (25%)
A metric which directly reflects our top-line growth strategy
Adjusted Operating Margin (25%)
A key industry metric ensuring growth is balanced with
margin delivery
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94 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Our LTIP has historically included a component based on
relative total shareholder return (‘TSR’) against a group of
UK-listed pub operators. However, following consolidation across
the sector, the number of listed peers has been reduced to
just four companies, an insufficient number to ensure fair and
robust measurement. The committee believes that the proposed
approach set out in the previous table using a balanced set of
controllable metrics directly aligned to the long-term strategy,
is both the right approach for Young’s at this time and consistent
with observed practice in the other listed pub operators.
Award sizes for 2026
For the first awards to be granted under our new policy in 2026,
the committee carefully considered the right level of award
for the executive directors. The committee noted that reward
outcomes to date, with the first LTIP awards granted in 2022
and 2023 lapsing in full, have failed to capture the broader
performance of the business, particularly the acceleration out
of covid-19 and top and bottom-line performance compared
to the industry, as well as key strategic achievements such as
the successful integration of City Pub Group and the progression
to a Main Market listing. Looking forward, we also recognised
the importance of securing the executive team to continue their
leadership of the business through the transition ahead, and
ensuring there are reasonable but effective long-term equity
awards to drive shareholder alignment. Having reflected on
all these factors, the committee proposes that, for 2026 only,
the executive directors be granted restricted share awards at
the level of 50% of salary. For subsequent periods under the
policy, award levels would revert to the normal level of 25%
of salary, as explained above. This approach will also be applied
to all LTIP participants below the board.
Adjusting salaries to Main Market
As part of the committee’s comprehensive review, and in
advance of our move from AIM to the Main Market, we
undertook a benchmarking exercise to gauge the market
competitiveness of our current executive director packages.
We looked at our market positioning from different perspectives.
We considered a group of Main Market listed companies of
broadly similar market capitalisation to Young’s, drawn from
the lower end of the FTSE 250 and upper end of the FTSE Small
Cap, where we anticipate being positioned. We also reflected
on practice in the UK-listed pub operators, but recognising
the wider range of size of company in this sector group.
The committee noted that salaries were positioned towards
the lower end of the market range. For the CEO, it was also
notable that the salary was significantly behind UK pub operator
peers. This positioning was not unexpected given that executive
director salaries on AIM are typically positioned at a discount
to equivalently sized Main Market companies.
Having reflected on the data, as well as broader factors
(such as the performance of the executives and the business,
the need to retain and fairly reward the team through the
transition ahead, and greater complexity of role as a Main
Market company), the committee agreed it would be
appropriate to adjust the salaries of the executive directors
by between c.8% and 12% (see page 104).
The committee discussed whether these increases should be
implemented on a phased basis over more than one year,
but concluded that the level of the increase, as well as the
underlying rationale, did not support this approach.
It should also be noted our approach to executive director salary
increases in normal circumstances will continue to be based
on the expectation that they will not exceed the rate applicable
to the wider workforce.
Chair and NED fees – alignment to Main Market
The company conducted a similar benchmarking exercise for
the non-executive roles, looking at practice in the same group
of equivalently sized FTSE companies to reflect the greater
complexity and time commitment of a Main Market company.
The remuneration committee proposes to increase the chair
fee to £210,000 (from £140,000), which would broadly align
with the market median.
Fees for the other non-executive directors is a matter for the
board (excluding NEDs) and not the remuneration committee.
However, for completeness, fees will also increase as described
on page 102 based on the on the same principle of aligning
with market median.
Shareholder consultation
In developing the proposed policy, and how we will implement
it for the period ahead, we carried out a consultation exercise
with our largest shareholders. We wrote out to our largest seven
shareholders, with a combined holding of over 40%.
The shareholders who engaged with us were generally
supportive of our proposed policy, recognising the importance
of retaining and appropriately rewarding our executive team
through the critical period ahead for the business.
In conclusion
On behalf of the board, I would like to thank our shareholders
for their recent engagement, and we look forward to continued
support at the annual general meeting. If you have any
questions on this report or on remuneration matters generally, I
can be contacted via the company secretary.
Ian Dyson
Committee Chair
20 May 2026
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 95
Corporate Governance
Remuneration committee report continued
Directors’ remuneration policy
The directors’ remuneration policy (the ‘policy’), determined by the group’s remuneration committee (‘the committee’) and presented
below, will be effective following shareholder approval at the 2026 annual general meeting.
Policy table for executive directors
Base salary
Objectives and
link to strategy
To provide competitive fixed remuneration to attract and retain executive directors of the calibre required to
deliver the business strategy for shareholders.
Operation
When determining the salary of the executive directors, the committee takes into consideration a number of
factors including:
• the scale and complexity of the company;
• the scope and responsibilities of the role;
• the skills, experience and performance of the individual;
• the committee’s assessment of the competitive environment including consideration of similar positions in
organisations of broadly similar size and complexity; and
• pay and conditions throughout the company.
Salaries are normally reviewed annually, with any changes effective from 1 April.
Maximum
opportunity
There is no prescribed maximum salary.
The committee will take account of the average salary increase across the wider employee population when
considering salary increase for executive directors, although increases above this level may be awarded if
considered appropriate to reflect the factors described in this table.
Salaries with effect from 1 April 2026 are set out on page 104.
Performance
measures
Not applicable.
Benefits
Objectives and
link to strategy
To provide competitive levels of employment benefits consistent with the role for executive directors of the
calibre required to deliver the business strategy for shareholders.
Operation
Current benefit provision includes a company car (or car allowance), life insurance and private medical insurance.
The committee may determine that executive directors should receive additional benefits if appropriate, taking
into account factors such as market practice and the circumstances of the executive director.
The executive directors are eligible to participate in the company’s all-employee share plans, as offered from
time to time, on the same terms as all employees.
Maximum
opportunity
There is no prescribed maximum monetary value for benefit provision. Benefits are set at a level which the
committee determines is reasonable and appropriate and the value may vary depending on the benefit provided
and the market cost of the benefit given the individual’s personal circumstances.
Participation in all-employee share plans is subject to prevailing HMRC plan limits.
Performance
measures
Not applicable.
Corporate Governance
96 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Pension
Objectives and
link to strategy
To provide an appropriate level of retirement benefit for executive directors of the calibre required to deliver the
business strategy for shareholders.
Operation
Executive directors are eligible to participate in the group’s defined contribution pension plan (or receive an
equivalent cash supplement).
Maximum
opportunity
The maximum pension contribution (or cash allowance in lieu of pension contribution) is consistent with the
maximum rate available for the wider workforce, currently 6% of base salary.
Performance
measures
Not applicable.
Annual bonus
Objectives and
link to strategy
Drives and rewards the delivery of stretching annual performance targets and objectives aligned with the
company’s business strategy.
Deferral of a portion of the bonus into shares supports long-term alignment with shareholders.
Operation
The annual bonus is based on performance targets for the financial period as set by the committee.
Where an executive director has not yet met their share ownership guideline, a proportion of the earned annual
bonus (normally half of any amount above 50% of maximum) will be delivered in the form of shares which
must be retained for three years. The remainder will be paid in cash following the period-end. In exceptional
circumstances, such as where there are regulatory restrictions on the delivery of shares, the committee may
decide to settle deferred awards in cash.
Recovery provisions apply (see explanatory notes).
Maximum
opportunity
The maximum annual bonus in respect of a financial period is 125% of base salary.
Maximum opportunities for the executive directors in the current financial period are set out on page 101.
Performance
measures
The committee shall determine performance measures each period which align to the strategy and the
creation of shareholder value, and may include financial, operational or personal performance. The committee
determines the weightings of the performance measures each period and the overall framework will normally be
weighted towards financial measures.
For the current financial period, the performance measures are:
• Adjusted Profit Before Tax (80%); and
• Personal objectives (20%).
The committee retains discretion to use different or additional measures or weightings in future periods
to ensure that the bonus framework appropriately supports the business strategy and objectives for the
relevant period.
At threshold performance, 25% of maximum is normally payable.
The committee has discretion to adjust the performance measures, weightings and targets for any exceptional
events that occur during the period. The committee also has discretion to adjust the formulaic outcome to
ensure it is consistent with the underlying performance of the company and the participants, taking into account
any factors it considers appropriate.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 97
Corporate Governance
Remuneration committee report continued
LTIP
Objectives and
link to strategy
To link the largest part of the executive director’s annual package with long-term business performance, while
supporting retention and alignment with shareholders.
Operation
Awards of shares may be made annually under the company’s LTIP, in the form of conditional shares or nil-
cost options.
Under the hybrid structure, awards of both performance share awards and restricted share awards may be
made. These awards will normally vest over a period of three years subject to continued employment and the
satisfaction of the performance conditions (for the performance share awards) and a discretionary underpin (for
the restricted share awards).
Following vesting, an additional two-year holding period, such that vested shares are released five years from
grant, will normally apply.
Dividend equivalents may be payable on any shares vesting and may be delivered in cash or shares.
Recovery provisions apply (see explanatory notes).
Maximum
opportunity
The maximum LTIP award in respect of a financial period will comprise of:
• a maximum performance share award of 100% of salary; and
• a maximum restricted share award of 50% of salary.
Award sizes to be granted during 2026 are set out on page 100.
Performance
measures
Vesting of the performance share awards will be determined by reference to performance assessed over a
period of at least three years, based on performance measures, which the committee considers to be aligned
with the delivery of the strategy and long-term shareholder value.
The performance measures for performance share awards to be granted in 2026 are as follows:
• Adjusted Earnings per Share (‘EPS’) – 50%;
• Like-for-like Sales Growth – 25%; and
• Adjusted Operating Margin – 25%.
The committee has discretion to use different or additional measures or weightings to ensure that the LTIP
remains appropriately aligned to the business strategy and objectives.
The threshold for vesting for the performance share awards is no higher than 25% of the maximum award.
Restricted share awards are subject to a discretionary underpin that guides the committee when determining
whether any discretion needs to be applied to reduce, including to zero, the final vesting of awards.
The underpin is based on a holistic review of overall business performance delivered over the vesting
period, as determined by the committee. In assessing the underpin, the committee will consider the group’s
overall performance by reference to a range of factors including underlying financial health in the context
of the board’s expectations and the market environment, strategic execution, and progress towards our
sustainability commitments.
The committee has discretion to adjust the performance measures, weightings and targets for any exceptional
events that occur during the performance period, with any amended conditions being not materially more or
less challenging than the original conditions. The committee also has discretion to adjust the formulaic outcome
to ensure it is consistent with the underlying performance of the company and the participants, taking into
account any factors it considers appropriate.
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98 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Share ownership guidelines
Objectives and
link to strategy
To align executive director and shareholder interests and reinforce long-term decision making.
Operation In-employment
Executive directors are normally expected to build up and maintain a shareholding of 150% of base salary.
To achieve this, executive directors are normally expected to retain the shares received from the vesting of
share awards until the guideline is met. It is anticipated that the guideline will be achieved within a period of five
years from appointment to the board. Deferred bonus awards and vested LTIP awards subject to a post-vesting
holding period will count towards the guideline (on a net of tax basis).
Post-employment
Following stepping down from the board, executive directors will normally be expected to maintain a minimum
shareholding of 150% of salary (or their actual shareholding on cessation, if lower) for a period of two years.
The committee retains discretion to waive this guideline if it is not considered to be appropriate in the specific
circumstances. Any shares purchased by the individual or received from share awards granted before the
effective date of this policy would not be subject to this requirement.
Maximum
opportunity
Not applicable.
Performance
measures
Not applicable.
Notes to the policy table
Recovery provisions
All elements of the incentive framework are subject to malus and clawback provisions, which the committee may invoke in
exceptional circumstances, which include:
• a material misstatement in the published results of any member of the company’s group;
• an error in assessing a performance condition and/or in the number of shares subject to an award or where that assessment was
based on inaccurate or misleading information;
• gross misconduct of the participant;
• a breach by the participant of any restrictive, confidentiality, or non-disparagement covenants;
• the participant causing a material financial loss for the group as a result of reckless, negligent or willful actions or omissions, or
inappropriate values or behaviour;
• censure by a regulatory body of or significant reputational damage to of any member of the company’s group; or
• material corporate failure (such as insolvency).
In these circumstances, the committee has discretion to:
• reduce or cancel awards, where the relevant underlying cash or shares has not been delivered to the individual; or
• require that the individual returns some or all of the shares delivered or makes a cash payment in respect of the shares or cash
delivered in respect of the award.
These powers will normally apply to awards until the fifth anniversary of grant of LTIP awards and the third anniversary of
determination of bonus awards. The timeframe for these recovery provisions reflects the period over which the company’s processes
and systems are likely to uncover any of the circumstances listed above.
Selection of performance measures and targets
The committee selects performance measures for the annual bonus and LTIP, which appropriately support the business strategy and
objectives for the relevant periods. For the annual bonus, Adjusted PBT represents a key metric of financial performance, and the
personal objectives are set to align with key strategic priorities for the business during the period. For the performance share awards,
Adjusted EPS is a measure of the long-term growth and profitability of the company and is a key measure for our shareholders, Like-
for-like Sales Growth reflects our to-line growth strategy, and Adjusted Operating Margin is a key industry metric ensuring growth is
balanced with margin delivery.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 99
Corporate Governance
Remuneration committee report continued
Assumptions used in determining the level of pay-out under given scenarios are as follows:
• Minimum – fixed pay only: Base salary as at 1 April 2026, pension, and benefits (based on the amount received in 2025/26);
• Target – fixed pay as above, plus target annual bonus payout (50% of maximum), threshold vesting of the Performance Shares
(25% of maximum) and full vesting of the Restricted Shares;
• Maximum – fixed pay as above, plus full payout under all incentives; and
• The maximum (including 50% share price growth) scenario represents maximum (as above) plus 50% share price growth on the
LTIP awards as prescribed by the disclosure regulations.
Performance targets applying to the annual bonus and performance share awards are determined annually by the committee and are
set at an appropriately stretching level based on a number of internal and external reference points. Annual bonus targets are set by
reference to the budget agreed by the board. Performance share award targets reflect the board’s long-term plan, prevailing industry
context, and expectations of what will constitute appropriately challenging long-term performance levels.
Discretion
The committee has discretion in several areas of the policy. The committee may also exercise operational and administrative
discretions under relevant plan rules approved by shareholders as set out in those rules.
The committee reserves the right to make any remuneration payments and/or payments for loss of office (including exercising any
discretions available to it in connection with such payments) notwithstanding that they are not in line with the policy where the terms
of the payment were agreed (i) before this policy came into effect; or (ii) at a time when the relevant individual was not a director
of the company and, in the opinion of the committee, the payment was not in consideration for the individual becoming a director
of the company. For these purposes ‘payments’ includes the committee satisfying awards of variable remuneration and, in relation to
an award over shares, the terms of the payment are ‘agreed’ at the time the award is granted.
The committee may make minor amendments to the policy (for regulatory, exchange control, tax or administrative purposes or
to take account of a change in legislation) without obtaining shareholder approval.
Illustration of application of remuneration policy
The following charts provide estimates of the potential future reward opportunity for the executive directors, based on remuneration
packages for the first year of the policy period in 2026/27 and the potential mix between the different elements of remuneration
under four different illustrative performance scenarios: minimum, target, maximum and maximum (including 50% share
price growth).
£296K
100%
Chief People Officer (CPO)
Minimum Target
£604K
29%
22%
49%
£881K
36%
30%
34%
£1,043K
28%
25%
31%
16%
Maximum Maximum
(including
50% share
price growth)
£433K
100%
Chief Financial Officer (CFO)
Target
£970K
30%
25%
45%
£1,506K
39%
32%
29%
£1,798K
24%
27%
33%
16%
Maximum Maximum
(including
50% share
price growth)
Minimum
£630k
100%
Chief Executive Officer (CEO)
Target
£1,420k
30%
25%
45%
£2,211k
38%
33%
29%
£2,642k
24%
27%
33%
16%
Maximum Maximum
(including
50% share
price growth)
Minimum
Fixed Annual bonus LTIP Share price growth
Corporate Governance
100 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Recruitment remuneration policy
For new executive director appointments, the structure of the remuneration package would normally include the components, and
be subject to relevant maxima, as set out in the policy table for executive directors.
Salaries would typically be set at an appropriately competitive level to reflect skills and experience, with the committee’s objective to pay
no more than it considers necessary to secure appropriate candidates to the role. Where an executive director has been appointed at a
salary below the market rate to allow for progression in the role, increases above the average rate of increase across the wider workforce
may subsequently be awarded to move salary positioning closer to typical market level to reflect experience in role.
Where an individual forfeits remuneration with a previous employer as a result of appointment to the company, the committee
may make compensatory payments or awards to facilitate recruitment. In determining an appropriate structure for such awards,
the committee will consider all relevant factors including the form of award, time horizons and any performance conditions of the
forfeited remuneration. There is no limit on the value of such compensatory awards, but the committee’s intention is that the value
awarded would be no more generous than the broadly equivalent economic value of the forfeited remuneration.
For an internal executive director appointment, any contractual remuneration components awarded in respect of the prior below
board role may be allowed to pay out according to their terms.
For external and internal appointments, the committee may agree that the company will meet certain relocation and/or incidental
expenses as appropriate.
Service contracts
The executive directors are employed under service contracts with no fixed term and may be terminated by either the company or
the director on one year’s notice. Under this policy, this is the maximum notice period that may be applied to executive directors.
None of the service contracts provide for predetermined amounts of compensation to be paid in the event of early termination and
there are no further obligations contained within the executive directors’ service contracts which could give rise to any remuneration
payment, which has not already been disclosed in this policy. The executive director service contracts are available for inspection at
the company’s registered office.
Termination arrangements of executive directors
The service contracts may be terminated via a payment in lieu of notice based on salary, benefits and pension for the unexpired
period of notice. The company may make such payment on a phased basis, subject to mitigation. The company may instead require
the executive director to work their notice period or may choose to place the individual on ‘garden leave’. Executive directors will also
be entitled to payment for accrued but untaken holiday.
Any incentive arrangements will be dealt with subject to the relevant rules, with any discretion exercised by the committee on a case-
by-case basis taking into account the circumstances of the termination. The table below summarises how awards under the various
incentive arrangements are typically treated in specific circumstances.
Annual bonus
There is no entitlement to a bonus payment for the year of departure, but the committee has discretion to pay a
bonus, determined on an individual basis and dependent on a number of factors, including the circumstances of
the executive director’s departure and their contribution to the business during the period.
Any bonus earned will normally be time pro-rated to reflect the period worked in the year, and will remain
subject to the committee’s assessment of performance. Any bonus earned for the period of departure and, if
relevant, for the prior period may be paid wholly in cash at the discretion of the committee.
Deferred
bonus awards
For a ‘good leaver’
1
, unvested deferred bonus awards will usually vest on the original vesting date (unless the
committee determines they should vest earlier).
In all other circumstances, unvested deferred bonus awards will lapse on cessation of employment.
LTIP
For a ‘good leaver’
1
, unvested awards will usually continue until their normal release date, unless the committee
determines that the award should be released as soon as reasonably practicable following the date of cessation
(or on such other date as determined by the committee).
The committee will decide the extent to which an award vests in these circumstances, taking into account any
performance conditions (for performance share awards) or underpins (for restricted share awards) and, unless
the committee in its discretion determines otherwise, the proportion of the performance (or underpin) period
that has elapsed.
Unless the committee determines otherwise, the holding period applicable to vested awards will continue
to apply.
In all other circumstances, unvested LTIP awards will lapse on cessation of employment.
1 ‘Good leaver’ reasons include: retirement with the approval of the committee, ill-health, injury, disability, death, the sale of the participant’s
employing company or business out of the group, or any other reason the committee determines in its absolute discretion. Special rules apply
in the case of death.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 101
Corporate Governance
Remuneration committee report continued
On a takeover, deferred bonus awards will normally vest in full. Awards under the LTIP would normally vest (and be released from
any holding period), to the extent determined by the committee taking into account the extent to which any performance conditions
or underpins had been met and, unless the committee determines otherwise, the proportion of the performance (or underpin) period
that had elapsed.
If the company is wound up or other corporate events occur such as a variation of the company’s share capital, a demerger, special
dividend or similar transaction, the committee may determine that awards will vest (and be released) on the same basis as for
a takeover.
The committee reserves the right to make any other payments in connection with a director’s cessation of office or employment
where the payments are made in good faith in discharge of an existing legal obligation (or by way of damages for breach of such
an obligation) or by way of settlement of any claim arising in connection with the cessation of a director’s office or employment.
Any such payments may include but are not limited to paying reasonable relocation costs, any fees for outplacement assistance and/
or the director’s legal and/or professional advice fees in connection with his cessation of office or employment. Incidental expenses
may also be payable where appropriate.
Non-executive director remuneration
The table below sets out the key elements of the policy for non-executive directors.
Non-executive directors
Objectives and
link to strategy
To provide market competitive fees, which reflect the time commitment and responsibilities of each role.
Operation
The fees for the non-executive directors (excluding the chair) are determined by the board. The fees for the
chair are determined by the committee.
The fee for non-executive directors encompasses a basic fee and may also include supplementary fees for
committee or other duties. The chairman receives a single fee for all duties.
Additional fees may be paid in exceptional events, such as where non-executive directors are required to
commit substantial additional time above that normally expected for the role.
Fees are normally paid in cash, but the chair and/or non-executive directors may receive part of their fee(s)
in company shares.
Non-executive directors may be reimbursed for business expenses (and any associated tax liabilities) incurred
when travelling in performance of duties. Additional benefits may be provided if considered appropriate.
The non-executive directors do not participate in any company incentive scheme or pension arrangements.
Maximum
opportunity
Fees are set at a level which reflects skills, experience, time commitment and appropriate market data. Fees will
normally be reviewed annually and any increases will normally take effect from April.
Fees are set within the limits set by the articles of association.
Fees with effect from 1 April 2026 are set out on page 105.
Performance
measures
Not applicable as non-executive directors are not eligible to participate in any performance-related elements
of remuneration.
Non-executive director terms of appointment
Non-executive directors’ letters of appointment are for an initial three-year term. The term may be extended for additional three-year
terms up to a total of approximately nine years, subject to by annual re-election at the company’s annual general meeting.
Appointments are subject to a three-month notice period by the company or non-executive directors.
None of the letters of appointment provide for predetermined amounts of compensation to be paid in the event of early termination
and there are no further obligations contained within the letters of appointment, which could give rise to any remuneration
payment, which has not already been disclosed in this policy. The letters of appointment are available for inspection at the company’s
registered office.
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102 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Differences in remuneration policy for all teams
All teams are entitled to base salary, pension and benefits. Annual salary reviews across the group take into account individual and
business performance, local pay and market conditions and salary levels for similar roles in comparable companies.
Bonus plan participation is dependent on the seniority and responsibility of the role. In line with typical market practice, opportunities
and performance measures vary by organisational level and role.
All teams are eligible to participate in the company’s HMRC-approved Sharesave plan on similar terms. Participation in the LTIP is
extended to certain executives and senior managers with award levels, and the mix between Performance Shares and Restricted
Shares, varying according to employees’ seniority and level of responsibility.
Consideration of employment conditions elsewhere in the company
In making annual pay decisions the committee gives consideration to pay and employment conditions in the rest of the company.
The committee is provided with data on the salary increases and remuneration structures for the wider management team and
teams generally.
The committee actively considers the relationship between general changes to employees’ pay and conditions and any proposed
changes in the remuneration packages for executive directors to ensure it can be sufficiently robust in its determinations in light of
the position of the company as a whole.
Although the committee takes into account the pay and conditions of other employees, the company did not consult with teams
when developing the policy. There are, however, a number of different mechanisms in place to gather feedback from employees,
including on remuneration. Relevant feedback is presented to the board to help to inform decision making. Teams may also become
shareholders through the company’s all-employee share plans or through acquiring shares independently on the market and express
their views on executive remuneration in the same manner as the other shareholders.
Consideration of shareholder views
The views of the company’s shareholders are very important, and the committee welcomes constructive feedback with respect to
the remuneration policies or structure. In developing this policy, the committee chair engaged extensively with major shareholders
outlining proposals and the rationale for these. Feedback received was taken on board when finalising the policy.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 103
Corporate Governance
Remuneration committee report continued
Annual report on remuneration
This section of the report sets out how the policy will be implemented in 2027 and remuneration outcomes for 2026. These have
been prepared in accordance with the directors’ remuneration reporting regulations and the relevant provisions of the Listing Rules
of the Financial Conduct Authority. Some sections of this report, where indicated, have been audited.
Statement of implementation for 2027
Executive directors
Salaries
As described in the chairman’s introductory statement, salaries with effect from 1 April 2026 were adjusted as part of the committee’s
comprehensive review of remuneration in advance of the move from AIM to the Main Market. A benchmarking exercise was
undertaken to gauge the market competitiveness of current executive director packages. Market positioning was considered from
different perspectives to include a group of Main Market listed companies of broadly similar market capitalisation to Young’s, drawn
from the lower end of the FTSE 250 and upper end of the FTSE Small Cap, where the company anticipated being positioned on
joining the Main Market. Practice in the UK-listed pub operators sector was also considered while recognising the wider range of size
of company in this sector group.
Having reflected on the data, as well as broader factors (such as the performance of the executives and the business, the need to
retain and fairly reward the team through the transition ahead, and greater complexity of role as a Main Market company), the
committee agreed it would be appropriate to adjust the salaries of the executive directors as details in the table below.
Executive director
2026
salary
2027
salary
Increase
%
Simon Dodd (CEO) £512,500 £575,000 12.2%
Mike Owen (CFO) £358,750 £390,000 8.7%
Tracy Dodd (CPO) £241,772 £260,000 7.5%
Benefits and pension
In line with the proposed policy, benefits for the executive directors will include a company car (or car allowance), life insurance
and private medical insurance. They will receive a pension contribution (or cash allowance) of 6% of base salary, consistent with the
maximum rate available for the wider workforce.
Annual bonus
The annual bonus will operate in line with the policy. The maximum bonus opportunity is 125% of salary for the CEO and CFO, and
100% of salary for the CPO.
For 2027, the bonus will be based on stretching targets set for the performance measures in the table below.
Performance measure
Weighting
(% of max)
Adjusted Profit Before Tax 80%
Personal Objectives 20%
The committee believes that the annual bonus performance targets are commercially sensitive, and that it would be detrimental
to the interests of the company and its shareholders to disclose them fully at this time. It is the committee’s intention to disclose
the targets, and performance against them, in next year’s report, provided the committee is satisfied that the targets are no
longer sensitive.
In line with the proposed policy, unless the executive director has met their share ownership guideline, half of any amount earned
above 50% of maximum will be delivered in the form of shares which must be retained for three years.
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104 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Long-term Incentive Plan (‘LTIP’)
In line with our new policy, LTIP awards will be granted under the ‘hybrid’ structure from 2026 combining awards of performance
shares and restricted shares. Award sizes for the executive directors are set out in the table below.
For this, the first awards to be granted under our new policy, the committee carefully considered the right level of award for the
executive directors. The committee noted that reward outcomes to date, with the first LTIP awards granted in 2022 and 2023
lapsing in full, had failed to capture the broader performance of the business, particularly the acceleration out of covd-19 and top
and bottom-line performance compared to the industry, as well as key strategic achievements such as the successful integration of
City Pub Group and the progression to a Main Market listing. Looking forward, the importance of securing the executive team to
continue their leadership of the business through the transition ahead and ensuring there are reasonable but effective long-term
equity awards to drive shareholder alignment was taken into consideration. Having reflected on all these factors, the committee
decided that, for 2026 only, the executive directors be granted restricted share awards at the level of 50% of salary. For subsequent
years under the policy, award levels would revert to the normal level of 25% of salary. This approach will also be applied to all LTIP
participants below board level.
Executive director Performance shares Restricted shares
Simon Dodd (CEO) 100% of salary 50% of salary
Mike Owen (CFO) 100% of salary 50% of salary
Tracy Dodd (CPO) 75% of salary 50% of salary
The performance measures, weightings and targets for the performance share awards are summarised below. The restricted share
awards will be subject to the underpin set out in the policy on page 94.
Performance measure Weighting
Threshold vesting
(25% of maximum) Maximum vesting
Adjusted EPS in FY29 50% 75.01p 80.58p
Adjusted Operating Margin in FY29 25% 14.0% 14.2%
Like-for-like Sales Growth (annual average over three years to FY29) 25% 2.5% 4.5%
There is no vesting for performance below threshold, and straight-line vesting between threshold and maximum.
Non-executive directors
Fees with effect from 1 April 2026 were adjusted following a benchmarking exercise for the non-executive roles looking at practice
in the same group of equivalently sized FTSE companies to reflect the greater complexity and time commitment of a Main Market
company. The effect of the increase to the chair fee and the basic non-executive director fee as well as the additional fee for chairing
the remuneration and audit committee and acting as senior independent director is to align remuneration with market median.
Non-executive director
2026
fees
2027
fees
Chair fee £139,913 £210,000
Basic non-executive director fee £51,488 £57,000
Additional fees: senior independent director
1
£5,000 £10,000
Additional fees: Chair of the audit and remuneration committees £5,000 £10,000
1 The fee for the senior independent director was introduced with effect from July 2025.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 105
Corporate Governance
Remuneration committee report continued
Single total figure of remuneration
Executive directors (audited)
The table below sets out the single total figure of remuneration for the executive directors for the 2026 and 2025 financial periods.
Executive
director
Salary
£000
Taxable
benefits
£000
1
Pension
£000
2
Tot al
fixed
£000
Annual
bonus
£000
3
Long-term
incentives
£000
4
Tot al
variable
£000
Tot al
£000
Simon Dodd
2026 513 15 31 559 636 0 636 1,195
2025 500 13 28 541 280 0 280 821
Mike Owen
2026 359 19 22 400 445 0 445 845
2025 350 19 20 389 196 0 196 585
Trac y Dodd
2026 242 11 15 268 239 0 239 507
2025 236 9 14 259 114 0 114 373
1 Taxable benefits – represents provision of a company car (or car allowance), life insurance and private medical insurance.
2 Pension – Executive directors received a pension contribution (or cash allowance) of 6% of base salary, consistent with the maximum rate available
for the wider workforce.
3 Annual bonus – This includes the value of bonus earned in respect of the relevant financial period. For 2026, 75% of the value shown was paid in
cash and 25% delivered in shares which must be retained for three years.
4 Long-term Incentives – This represents the value of any LTIP shares vesting in respect of performance ending in the reporting period. Both the
2022 and 2023 LTIP awards lapsed in full and, therefore, zero value is reported.
The malus and clawback provision were not invoked by the committee during the period.
Annual bonus (audited)
The maximum annual bonus opportunity for 2026 was 125% of salary for the CEO and CFO, and 100% of salary for the CPO.
The bonus was based on the mix of Adjusted PBT, Personal Objectives, and ESG performance. The overall outcome is summarised in
the table below, with further detail on each of the three components below. The percentages in the table below refer to percentage
of salary.
Adjusted PBT Personal Objectives ESG Tot al
Executive director Opportunity Outcome Opportunity Outcome Opportunity Outcome Opportunity Outcome
Simon Dodd (CEO) 95% 95% 20% 19% 10% 10% 125% 124%
Mike Owen (CFO) 95% 95% 20% 19% 10% 10% 125% 124%
Tracy Dodd (CPO) 70% 70% 20% 19% 10% 10% 100% 99%
Adjusted PBT
The majority of the bonus was based on adjusted PBT performance using a stretching target range set at the beginning of the period.
Based on the performance delivered for the period, this element paid out in full.
Performance targets Outcome
Threshold (0%) Maximum (100%) Performance achieved Pay-out (% of max)
£50.6m £52.6m £53.1m 100%
Straight line pay-out between threshold and maximum.
Corporate Governance
106 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Personal objectives
The personal objectives were specific to each individual and based on key areas of strategic importance for the business in 2026.
For each executive, the key objectives, achievements and final outcomes are summarised in the tables below.
Simon Dodd, Chief Executive Officer
Main Listing
Successfully led the Main Market transition, driving positive shareholder sentiment throughout the
period, from the Capital Markets Day to securing new shareholders around the Main Market transition.
City Pub performance
Oversaw the continued integration of City Pubs, including both operational improvements and
the delivery of LFL sales growth, margin improvement and investment return in excess of Board
expectations.
Board development
Led the development of key senior executive roles, particularly in respect of working with the Board and
actively planning succession for key roles.
Capital Allocation
Effectively delivered the board’s capital expenditure plan within budget and agreed timeframes,
including key focus areas of sustainability and City Pubs.
Outcome
124%
Mike Owen, Chief Financial Officer
Main Listing
Successfully delivered the Main Market transition, with a particular focus on the financial aspects,
changes to reporting, and advisor liaison.
Capital Markets Day
Delivered a highly successful Capital Markets Day, the first in Young’s history, helping to drive positive
investor and market sentiment over the period.
Reporting & Controls
Completed the introduction of new reporting systems and further progressed the upgrade of Young’s
procurement processes.
Team development
Upgraded capability in the Finance function through integration of new hires, as well as completing
succession planning for key roles.
Outcome
124%
Tracy Dodd, Chief People Officer
City Pubs integration
Fully completed the complex integration of City Pubs into the group.
Payroll transformation
Successfully led the transformation of the payroll function to an outsourced provider, which is expected
to generate costs savings moving forward.
Succession & People
planning
Led a pro-active approach to succession and effective people management throughout the group, at
both the pub level and in head office functions. Continued to successfully grow and develop the Ram
agency (discussed in more detail on pages 38 and 39).
ESG
Successfully streamlined processes, reporting and communication to embed the company’s net zero
strategy.
Health & Safety
Recruitment of a compliance manager to strengthen and maintain all areas of health and safety across
the business.
Outcome
99%
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 107
Corporate Governance
Remuneration committee report continued
ESG
The ESG component was common to all executive directors and was based on a number of objectives to embed sustainability across
all areas of the business. The key achievements against these objectives are summarised below:
For FY26, the ESG objectives were designed to embed our sustainability ambitions across the business and to reward performance
against our delivery. Key achievements against the objectives during the period included:
• The establishment of a clear plan to net zero by 2040, supported by clear communications to both internal and external
stakeholders, and further improvements to performance reporting.
• Strong execution of our plan delivered a combined utilities saving of 4.9% during the period, far exceeding our agreed annual
target of 3%.
• Improved reporting and decision making also fed through to a reduction in emissions during the year of 835 tCO
2
e and a
reduction in spend £491,330.51.
Further detail on our net zero ambitions and the performance delivered during the period is set out in the sustainability report
on pages 46 to 54.
Based on the strong progress and achievements delivered during the period, the committee determined that this element of the
bonus (10% of salary) would pay out in full.
Long-Term Incentive Plan vesting (audited)
The table below sets out the performance achieved for the 2023 LTIP award, which was subject to performance over the three-year
period from 1 April 2023 to 30 March 2026.
Performance
condition Weighting
Threshold
vesting
Maximum
vesting
Actual
outcome
Percentage
vesting
(% of maximum)
Adjusted EPS in FY26 Two-thirds 69.78p 73.16p 64.56p 0%
Relative TSR One- third Median Median +8% p.a. Below median 0%
Overall vesting 0%
Straight-line vesting between Threshold (0% for EPS and 25% for TSR) and maximum.
The TSR peer groups comprised: Wetherspoons, Mitchells & Butlers, Fuller Smith & Turner, City Pub Group, Marston’s,
The Restaurant Group, Loungers.
Scheme interests awarded in the 2026 financial period(audited)
The table below shows awards made to the executive directors during the financial period under the LTIP.
Executive
Director Award type Date of grant Basis of award
Number of
shares awarded
1
Face value
of award
Threshold
vesting
Performance
period
Simon Dodd LTIP 25 June 2025 150% of salary 80,078 £768,750 25% of
maximum
3 years to 31
March 2028
Mike Owen LTIP 25 June 2025 150% of salary 56,054 £538,125 25% of
maximum
3 years to 31
March 2028
Trac y Dodd LTIP 25 June 2025 125% of salary 31,480 £302,215 25% of
maximum
3 years to 31
March 2028
1 Calculated using the closing share price of £9.60 on the date prior to the date of award.
These awards will vest after three years, subject to the performance targets set out in the table below.
Performance condition Weighting
Threshold vesting
(25% of maximum) Maximum vesting
Adjusted EPS growth
(FY25 to FY28)
Two-thirds 9% 15%
Relative TSR One-third Median Median +8% p.a.
100%
For TSR, there is straight-line vesting between threshold and maximum. For EPS, there is an additional vesting point of 75% of
maximum for 12% growth.
The TSR peer groups comprised: Wetherspoons, Mitchells & Butlers, Fuller Smith & Turner, Marston’s.
Corporate Governance
108 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Payments for loss of office (audited)
No payments for loss of office were made during the period.
Payments to past directors (audited)
No payments were made to past directors during the period.
External appointments
None of the executive directors held any external appointments during the period.
Service contracts
Executive directors Date of service contract Notice period
Simon Dodd 30 April 2026 12 months
Mike Owen 30 April 2026 12 months
Trac y Dodd 6 May 2026 12 months
Non-executive directors Date of appointment Term ends
Steve Cooke 1 November 2023 31 October 2026
Torquil Sligo-Young
1
1 October 2020 30 September 2026
Aisling Meany 1 September 2021 31 August 2027
Ian Dyson 2 September 2024 1 September 2027
John Dunsmore 9 July 2025 8 July 2028
1 Served as an executive director prior to being appointed as a non-executive director.
Service contracts and letters of appointment are available for inspection at the annual general meeting and at the company’s
registered office.
Non-executive directors (audited)
The table below sets out the single total figure of remuneration for each non-executive director. Non-executive directors do not
participate in any of the company’s incentive arrangements.
Non-Executive
Director
Financial
period
Fees
£000
Taxable benefits
£000
Tot al
£000
Steve Cooke
2026 140 – 140
2025 109 – 109
Torquil Sligo-Young
2026 51 2 53
2025 50 2 52
Aisling Meany
2026 56 – 56
2025 55 – 55
Ian Dyson
2026 59 – 59
2025 29 – 29
John Dunsmore
1
2026 38 – 38
2025 – – –
Nick Miller
2
2026 16 – 16
2025 55 – 55
Sarah Sergeant
3
2026 51 – 51
2025 50 – 50
1 Appointed as non-executive director on 9 July 2025.
2 Stepped down from the board on 9 July 2025.
3 Stepped down from the board on 31 March 2026.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 109
Corporate Governance
Remuneration committee report continued
Statement of directors’ shareholding and share interests at 30 March 2026 (audited)
The interests of the directors are shown in the table below, as at 30 March 2026 or, where relevant, at the date of stepping down
from the board.
Number of beneficially owned shares
1
Interests in company share awards
Director A shares Non-voting shares Number of SAYE options
Number of unvested
LTIP awards
Simon Dodd 8,142 10,389 3,006 167,957
Mike Owen 8,329 2,040 3,006 118,041
Trac y Dodd 9,528 – 3,006 63,740
Steve Cooke 10,000 – – –
Torquil Sligo-Young 373,861 25,081 – –
Aisling Meany 1,299 – – –
Ian Dyson 4,525 – – –
John Dunsmore – 7,850 – –
Nick Miller – – – –
Sarah Sergeant 1,018 – – –
1 Beneficial interests include shares held directly or indirectly by connected persons.
Between the period end and the date of this annual report and accounts,, there has been no movement in directors’ shareholdings.
The following table provides further detail on the share awards held by the executive directors.
Award Granted
At 1 April
2025
Granted
in the
period
Exercised/
Lapsed/
Cancelled in
the period
At 30 March
2026
Option
Price
Date from which
exercisable
Expiry
date
Simon Dodd 2022 LTIP 29.06.22 15,127 – (15,127)
–
Nil 29.06.25 28.06.32
2023 LTIP
1
29.06.23 36,597 – –
36,597
Nil 29.06.26 28.06.33
2024 LTIP 10.07.24 51,282 – –
51,282
Nil 10.07.27 09.07.34
2025 LTIP 15.06.25 – 80,078 –
80,078
Nil 15.06.28 14.06.35
SAYE 13.12.21 1,530 – (1,530)
–
1,176p 01.02.25 31.07.25
SAYE 16.12.24 2,402 – (2,402)
–
772p 01.02.28 31.07.28
SAYE 16.12.25 – 3,006 –
3,006
607p 01.02.29 31.07.29
Mike Owen 2022 LTIP 29.06.22 25,548 – (25,548)
–
Nil 29.06.25 28.06.32
2023 LTIP
1
29.06.23 26,090 – –
26,090
Nil 29.06.26 28.06.33
2024 LTIP 10.07.24 35,897 – –
35,897
Nil 10.07.27 09.07.34
2025 LTIP 15.06.25 – 56,054 –
56,054
Nil 15.06.28 14.06.35
SAYE 13.12.21 1,530 – (1,530)
–
1,176p 01.02.25 31.07.25
SAYE 16.12.24 2,402 – (2,402)
–
772p 01.02.28 31.07.28
SAYE 16.12.25 – 3,006 –
3,006
607p 01.02.29 31.07.29
Trac y Dodd 2022 LTIP 29.06.22 13,823 – (13,823)
–
Nil 29.06.25 28.06.32
2023 LTIP
1
29.06.23 14,116 – –
14,116
Nil 29.06.26 28.06.33
2024 LTIP 10.07.24 18,144 – –
18,144
Nil 10.07.27 09.07.34
2025 LTIP 15.06.25 – 31,480 –
31,480
Nil 15.06.28 14.06.35
SAYE 13.12.21 1,530 – (1,530)
–
1,176p 01.02.25 31.07.25
SAYE 16.12.24 2,402 – (2,402)
–
772p 01.02.28 31.07.28
SAYE 16.12.25 – 3,006 –
3,006
607p 01.02.29 31.07.29
1 As disclosed on page 108, the 2023 LTIP did not meet the performance conditions and will, therefore, lapse in full.
Corporate Governance
110 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Performance graph
The graph below shows the company’s performance, measured by total shareholder return (‘TSR’), compared with the performance
of the AIM 100 Index, being the equity index of which Young’s was constituent over the period. It illustrates the performance of a
hypothetical investment of £100 over the five-year period 1 April 2021 to 30 March 2026.
250
200
150
100
50
0
March
2016
March
2017
March
2018
March
2019
March
2020
March
2021
March
2022
March
2023
March
2024
March
2025
March
2026
Young’s & Co.
Source: Datastream
FTSE AIM 100
Total shareholder return
CEO Remuneration
2026
£000
CEO single figure total remuneration £1,195
Annual bonus (as % of maximum opportunity) 99.2%
Long-term incentive vesting (as % of maximum opportunity) Nil
Annual percentage change in remuneration of directors and employees
As the group’s shares were admitted to the Main Market of the London Stock Exchange in April 2026, there is no comparable
remuneration to disclose for the prior year. Full disclosure on the percentage change for director and employee remuneration,
in line with the reporting regulations, will be provided in future annual reports.
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 111
Corporate Governance
Remuneration committee report continued
CEO pay ratio
The table below discloses the ratio of the CEO’s pay for 2026, using the single total figure of remuneration (as disclosed on page
106), to the comparable earnings of employees at the 25th, 50th and 75th percentiles at the balance sheet date.
Year Method
25th percentile (P25)
pay ratio
Median (P50)
pay ratio
75th percentile (P75)
pay ratio
2026 Option B 24:1 23:1 21:1
The ratios were calculated using Option B in the disclosure regulations, with the employees at the 25th, 50th and 75th percentiles
determined based on the group’s gender pay data. Total remuneration for 2026 for these employees was then calculated using
a valuation methodology consistent with that used for the CEO in the single figure table on page 106. While the gender pay gap
legislation and CEO pay ratio legislation employ different calculations, the committee considers that the three identified employees
are reasonably representative of the respective percentiles. The calculation is undertaken on a full-time equivalent basis.
The salary and total remuneration received during 2026 by employees at the 25th, 50th and 75th percentiles and used in the above
analysis is as follows:
25th percentile (P25) Median (P50) 75th percentile (P75)
2026 salary £ £22,222 £22,750 £25,480
2026 total remuneration £ £22,222 £22,750 £25,480
A significant proportion of the CEO’s total remuneration is delivered in variable remuneration, the value of which is linked to
stretching performance targets. As a result, the pay ratio is driven largely by the outcome of these awards hence it is normal to expect
a significant fluctuation on a year-to-year basis. The committee considers the median pay ratio to be consistent with the pay, reward
and progression policies for Young’s.
Relative importance of spend on pay
The table below sets out the relative importance of spend on pay in the 2026 and 2025 financial periods. These were the most
significant outgoings for the company in the last financial period.
Significant distributions 2026 2025 % change
Overall spend on pay £181.6m £169.3m 7%
Dividend £14.7m £14.0m 6%
Corporate Governance
112 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Consideration by the directors of matters relating to directors’ remuneration
Members of the committee
Ian Dyson was appointed chair of the remuneration committee following Nick Miller’s stepping down from the board on 9 July 2025.
The other members of the committee during were Aisling Meany, Sarah Sergeant and John Dunsmore (following his appointment
to the board on 9 July 2025). Following a review of the composition of board committees by the new nominations committee in
October 2025, membership of the committee was reduced to three members and Aisling Meany stepped down as a member on
12 November 2025.
The committee is responsible for recommending to the board the remuneration policy for executive directors. The committee also
has oversight of remuneration and related policies for the wider workforce as this pertains to determining the remuneration of the
executive directors. The committee has formal Terms of Reference which describe its full remit and can be downloaded from the
company’s website.
Advisers to the committee
The committee seeks independent advice to assist in its consideration of executive remuneration. This includes updating the
committee on compensation trends and governance matters and advising the committee in connection with the design and
operations of the company’s remuneration policy and incentive arrangements.
Until October 2025, the committee received advice from Deloitte LLP (‘Deloitte’). In November 2025, following a competitive tender
process, Alvarez & Marsal (‘A&M’) were appointed by the committee as the independent remuneration adviser and continued in
this capacity through the remainder of the financial period. Both Deloitte and A&M are members of the Remuneration Consultants
Group and adhere to the voluntary Code of Conduct in relation to executive remuneration consulting in the UK. In respect of both
firms, the advisory partner and team had no personal connection with the company or its directors and the committee was satisfied
that the advice provided was independent and objective.
The fees paid to Deloitte and A&M during FY26 were £21,000 and £96,250, respectively, exclusive of VAT and charged on a time
and materials basis.
Statement of voting at annual general meeting
The table below shows the voting outcome at the annual general meeting on 9 July 2025.
Votes for % Votes against % Total votes cast Votes withheld
1
2025
remuneration
report
18,562,670 78.33 5,135,796 21.67 23,698,466 110,211
1 A vote withheld is not a vote in law and counts neither for nor against a resolution.
The committee noted the proportion of votes against the remuneration report. This largely reflected the impact of a recommendation
from one of the main voting agencies based on a concern around the disclosure of a non-cash gift (with a value of £17,000) to a
departing non-executive director to recognise 30 years of extensive and valuable service to Young’s. During our extensive recent
shareholder engagement, discussed on pages 67 to 71, this issue was not raised as a concern by any shareholder.
Ian Dyson
Committee Chair
20 May 2026
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 113
Corporate Governance
Directors’ report
2026 to shareholders on the register at the close of business
on 5 June 2026). When added to the interim dividend of
12.22 pence per share paid in December 2025, this would
produce a total dividend for the period of 24.44 pence per share
(see note 14 for further details).
Directors
Details of our directors appear on pages 76 to 77. All of them
served throughout the period except for John Dunsmore,
who was appointed as a director on 9 July 2025. No other
person was a director during the period other than Nick Miller
and Sarah Sergeant, who stepped down as directors on 9 July
2025 and 31 March 2026 respectively.
Share capital
The company’s maximum issued ordinary share capital during
the period was £7.7 million A ordinary shares and 38,026,087
and 24,070,755 non-voting ordinary shares of 12.5 pence each.
Going concern
The company’s going concern assessment and disclosures
are included in note 1 on page 130.
Acquisition of own shares
On 17 November 2025, the company launched a share
buyback programme in respect of its A ordinary and non-voting
ordinary shares of 12.5 pence each for a maximum aggregate
consideration of up to £10 million. The purpose of the share
buyback programme is to reduce the company’s share capital.
To date, it has focused on purchasing non-voting ordinary shares
and all shares purchased have been cancelled.
The purchase of share under the share buyback programme
takes place in open market transactions and in accordance with
the general authority to purchase shares granted to the directors
of the company by shareholders at the company’s annual
general meeting in July 2025. A similar authority will be sought
at the 2026 annual general meeting with a view to continuing
the share buyback programme.
During the period, the company purchased a total of 975,027
non-voting ordinary shares at a total cost of £6.1 million
(no stamp duty). These shares represented 1.6% of the
company’s maximum issued share capital and 4.1% of the
company’s maximum non-voting share capital. The shares,
which were bought back by the company, were subsequently
cancelled. There were no purchases of A ordinary shares
in the period.
Substantial shareholdings
As at 30 March 2026, the company had been notified of
the following holdings of 3% or more of the voting rights
in the company:
• FitzWalter Capital 12.53%;
• BlackRock 10.11%;
• Torquil Sligo-Young 10.40%;
• James Young 10.12%;
• Caroline Chelton 9.12%; and
• Canaccord Genuity Group Inc. 5.55%.
The directors present their report to shareholders together
with the audited financial statements for the period ended
30 March 2026.
The company’s entire share capital was admitted to trading
on AIM throughout the financial period and until 28 April 2026
when all issued shares were admitted to the Official List of the
FCA and to trading on the main market for listed securities
of the London Stock Exchange.
This directors’ report on pages 114 to 115, together with the
strategic report on pages 1 to 71 constitute the management
report for the purpose of Rule 4.1.8R of the Disclosure Guidance
and Transparency Rules.
As permitted by law, some of the matters required to be
included in the directors’ report have instead been included
in the strategic report and other sections of this annual report
as set out below.
Future business
developments
Strategic report –
strategy in action
page
19
Review of the period
and key developments
Strategic report
– business and financial
review
pages
26 to 31
Engagement with
employees
Strategic report
– our people
pages
34 to 39
ESG disclosures
(emissions reporting)
Strategic report
– our environment
pages
47 to 61
Principal risks and
uncertainties
Strategic report –
principal risks and
uncertainties
pages
62 to 66
Engagement
with suppliers,
customers and others
Strategic report
– s172 statement
pages
67 to 71
Corporate governance Corporate governance
report
pages
72 to 113
Directors’ interests Remuneration report page
110
Financial instruments
and related matters
Financial statements
– note 24
pages
153 to 158
Important events since
the end of the period
Financial statements
– note 33
page
170
Principal activities and business review
Research and development, branches
and political donations
The company does not carry out any research and development.
It does not have any branches outside of the UK. There were no
political donations made during the period.
Results and dividends
The profit for the period attributable to shareholders was
£29.6 million. The directors recommend a final dividend for the
period of 12.22 pence per share (which, subject to approval at
the annual general meeting, is expected to be paid on 15 July
Corporate Governance
114 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
• in respect of the group financial statements, state whether
applicable UK accounting standards, including FRS 101, have
been followed, subject to any material departures disclosed
and explained in the financial statements;
• in respect of the parent company financial statements, state
whether UK-adopted international accounting standards have
been followed, subject to any material departures disclosed
and explained in the financial statements; and
• prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the company and/or
the group will continue in business.
The directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the company’s
and group’s transactions and disclose with reasonable accuracy
at any time the financial position of the company and the group
and enable them to ensure that the company and the group
financial statements comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of
the group and parent company, and hence for taking
reasonable steps for the prevention and detection of fraud
and other irregularities.
Under applicable law and regulations, the directors are also
responsible for preparing a strategic report, directors’ report
and corporate governance statement that comply with that
law and those regulations. The directors are responsible for
the maintenance and integrity of the corporate and financial
information included on the company’s website.
Each of the current directors, whose names and functions
appear on pages 76 to 77 confirms that, to the best of
their knowledge:
• the consolidated financial statements, prepared in accordance
with UK-adopted international accounting standards, give
a true and fair view of the assets, liabilities, financial position
and profit of the parent company and undertakings included
in the consolidation as a whole;
• the annual report, including the strategic report, includes a fair
review of the development and performance of the business
and the position of the company and undertakings included in
the consolidation taken as a whole, together with a description
of the principal risks and uncertainties that they face; and
• the annual report and financial statements, taken as a
whole, are fair, balanced and understandable and provide
the information necessary for shareholders to assess the
company’s position and performance, business model
and strategy.
Preparation and disclaimer
This annual report, together with the strategic report (on pages
1 to 71) and the financial statements for the period ended
30 March 2026, have been drawn up and presented for the
purpose of complying with English law. Any liability arising
out of or in connection with them will also be determined
in accordance with English law.
By order of the board
Séverine Béquin
Company Secretary
20 May 2026
The following changes in the above holding were notified
to the company between 30 March 2026 and 14 May 2026:
• FitzWalter Capital 18.57%;
• BlackRock 11.07%; and
• Canaccord Genuity Group Inc. 4.99%.
Annual general meeting
The notice convening the annual general meeting of the
company is set out on pages 183 to 189 together with notes
explaining the resolutions being proposed on pages 190 to 192.
Disclosure of information to the auditor
Each of the directors shown on pages 76 to 77 confirms that,
so far as they are aware, there is no relevant audit information
of which the company’s auditor is unaware. Further, each of
them confirms that they have taken all the steps that they ought
to have taken as a director in order to make themselves aware
of any such information and to establish that the company’s
auditor is aware of it. This paragraph is to be interpreted in
accordance with section 418 of the Companies Act 2006.
Qualifying indemnity provisions
The company’s articles of association contain an indemnity
provision for the benefit of the directors; this provision, which
is a qualifying third-party indemnity provision, is in force at the
date of this report and was in force throughout the period.
Directors’ responsibility statement
The directors are responsible for preparing the annual report
and the financial statements in accordance with applicable UK
law and regulations.
Company law requires the directors to prepare financial
statements for each financial period. Under that law, the
directors have elected to prepare the group financial statements
in accordance with UK-adopted international accounting
standards (‘IFRS’), and the parent company financial statements
in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards
and applicable law), including Financial Reporting Standard 101
Reduced Disclosure Framework (‘FRS 101’).. Under company
law, the directors must not approve the financial statements
unless they are satisfied that they give a true and fair view of the
state of affairs of the group and the company and of the profit or
loss of the group and the company for that period. In preparing
these financial statements the directors are required to:
• select suitable accounting policies in accordance with IAS 8
Accounting Policies, Changes in Accounting Estimates and
Errors, and then apply them consistently;
• make judgements and accounting estimates that are
reasonable and prudent;
• present information, including accounting policies, in a
manner that provides relevant, reliable, comparable and
understandable information;
• provide additional disclosures when compliance with the
specific requirements in IFRS, and in respect of the parent
company financial statements, FRS 101, is insufficient
to enable users to understand the impact of particular
transactions, other events and conditions on the group and
company financial position and financial performance;
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 115
Corporate Governance
Financial
Statements
117 Independent auditor’s report
Group financial statements
125 Group income statement
126 Group statement of comprehensive income
127 Group balance sheet
128 Group statement of cash flows
129 Group statement of changes in equity
130 Notes to the consolidated financial statements
Company financial statements
171 Company balance sheet
172 Company statement of changes in equity
173 Notes to the company financial statements
Financial Statements
116 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Independent auditor’s report to the
members of Young & Co.’s Brewery, P.L.C.
Opinion
In our opinion:
• Young & Co’s Brewery, P.L.C.’s group financial statements
and parent company financial statements (the “financial
statements”) give a true and fair view of the state of the
group’s and of the parent company’s affairs as at 30 March
2026 and of the group’s profit for the 52 weeks then ended;
• the group financial statements have been properly
prepared in accordance with UK adopted international
accounting standards;
• the parent company financial statements have been properly
prepared in accordance with United Kingdom Generally
Accepted Accounting Practice; and
• the financial statements have been prepared in accordance
with the requirements of the Companies Act 2006.
We have audited the financial statements of Young & Co’s
Brewery, P.L.C. (the ‘parent company’) and its subsidiaries
(the ‘group’) for the 52 weeks ended 30 March 2026
which comprise:
Group Parent company
Group balance sheet
as at 30 March 2026
Company balance sheet
as at 30 March 2026
Group income statement for
the 52 weeks then ended
Company statement of
changes in equity for the
52 weeks then ended
Group statement of
comprehensive income for
the 52 weeks then ended
Related notes 1 to 14 to the
financial statements including
material accounting policy
information
Group statement of changes
in equity for the 52 weeks
then ended
Group statement of cash flows
for the 52 weeks then ended
Related notes 1 to 34 to the
financial statements, including
material accounting policy
information
The financial reporting framework that has been applied in the
preparation of the group financial statements is applicable law
and UK adopted international accounting standards. The financial
reporting framework that has been applied in the preparation
of the parent company financial statements is applicable law
and United Kingdom Accounting Standards, including FRS 101
“Reduced Disclosure Framework” (United Kingdom Generally
Accepted Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further described
in the Auditor’s responsibilities for the audit of the financial
statements section of our report. We believe that the audit
evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Independence
We are independent of the group and parent company in
accordance with the ethical requirements that are relevant to our
audit of the financial statements in the UK, including the FRC’s
Ethical Standard as applied to listed public interest entities, and
we have fulfilled our other ethical responsibilities in accordance
with these requirements.
The non-audit services prohibited by the FRC’s Ethical Standard
were not provided to the group or the parent company and
we remain independent of the group and the parent company
in conducting the audit.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that
the directors’ use of the going concern basis of accounting
in the preparation of the financial statements is appropriate.
Our evaluation of the directors’ assessment of the group and
parent company’s ability to continue to adopt the going concern
basis of accounting included:
• confirming our understanding of the directors’ going concern
assessment process, including the controls over the review and
approval of the business plan and cashflow forecasts covering
the period through to 28 June 2027;
• assessing the appropriateness of the duration of the going
concern assessment period through to 28 June 2027,
and considering the existence of any significant events
or conditions beyond this period based on our procedures
on the group’s business plan, cashflow forecasts;
• obtaining and evaluating the cashflow forecast models (base
case, downside scenarios and reverse stress test) used by the
Board in its assessment, reviewing their arithmetical accuracy
and determining whether they have been approved by
the Board;
• challenging the cashflow forecasts with reference to historical
trends, the group’s historical forecasting accuracy and
external market and industry evidence and forecasts that may
contradict the assumptions used by management;
• validating covenant calculations and terms of the debt facilities
in the model to executed debt agreements and reperforming
the calculation of the net debt/adjusted EBITDA ratio, gearing
ratio and PBIT/borrowing cost ratio against the terms of
these agreements;
• assessing the consistency of the base case cashflows
with the cashflow forecasts used within management’s
impairment assessments;
• inquiring of any climate change commitments in the going
concern period and challenging whether any associated cash
outflows should be included within the forecasts;
Independent auditor’s report
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Financial Statements
• reading the minutes of the board and committees to identify
any matters that may impact the going concern assessment;
and
• assessing the appropriateness of the going concern disclosures
in describing the risks associated with the group’s ability to
continue as a going concern for the assessment period to
28 June 2027.
Based on the work we have performed, we have not identified
any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the
group and parent company’s ability to continue as a going
concern for a period to 28 June 2027.
In relation to the group and parent company’s reporting on how
they have applied the UK Corporate Governance Code, we have
nothing material to add or draw attention to in relation to the
directors’ statement in the financial statements about whether the
directors considered it appropriate to adopt the going concern
basis of accounting.
Our responsibilities and the responsibilities of the directors with
respect to going concern are described in the relevant sections of
this report. However, because not all future events or conditions
can be predicted, this statement is not a guarantee as to the
group’s ability to continue as a going concern.
Overview of our audit approach
Audit scope
• We have performed a fully centralised audit
of the financial information of the Group
and Company.
Key audit
matters
• Valuation of the freehold pub estate
• Non-current asset impairment
• Deferred taxation on the valuation of the
pub estate
• Management override in the recognition
of revenue via topside journals
Materiality
• Overall group materiality of £2.6m which
represents 5% of adjusted profit before tax.
An overview of the scope of the parent
company and group audits
Tailoring the scope
We have followed a risk-based approach when developing our
audit approach to obtain sufficient appropriate audit evidence on
which to base our audit opinion. We performed risk assessment
procedures to identify and assess risks of material misstatement
of the group financial statements and identified significant
accounts and disclosures. When identifying components at
which audit work needed to be performed to respond to the
identified risks of material misstatement of the group financial
statements, we considered our understanding of the group and
its business environment, the potential impact of climate change,
the applicable financial reporting framework, the group’s system
of internal control at the entity level, the existence of centralised
processes, applications and any relevant internal audit results.
We determined that centralised audit procedures can be
performed for the full financial statement information of the
group and company. All audit work performed for the purposes
of the audit was undertaken by the group audit team.
Our scoping to address the risk of material misstatement for
each key audit matter is set out in the Key audit matters section
of our report.
Climate change
Stakeholders are increasingly interested in how climate change
will impact the group. The group has determined that the
most significant future impacts from climate change on their
operations will be from the impact of extreme weather on estate
repair costs, supply chain and business disruption, as well as
increasing stakeholder expectations. These are explained on
page 55 to 61 in the required Task Force On Climate Related
Financial Disclosures and on page 62 in the principal risks and
uncertainties. All of these disclosures form part of the “Other
information,” rather than the audited financial statements.
Our procedures on these unaudited disclosures therefore
consisted solely of considering whether they are materially
inconsistent with the financial statements or our knowledge
obtained in the course of the audit or otherwise appear to
be materially misstated, in line with our responsibilities on
“Other information”.
In planning and performing our audit we assessed the potential
impacts of climate change on the group’s business and any
consequential material impact on its financial statements.
The group has explained in basis of preparation note how they
have reflected the impact of climate change in their financial
statements. There are no significant judgements and estimates
relating to climate change in the notes to the financial statements.
Our audit effort in considering the impact of climate change
on the financial statements was focused on evaluating
management’s assessment of the impact of climate risk, physical
and transition, their climate commitments, the effects of material
climate risks disclosed on pages 58 to 60 and the significant
judgements and estimates disclosed in note 4 and whether
these have been appropriately reflected in asset values where
these are impacted by future cashflows and associated sensitivity
disclosures (see notes 16 and 17) following the requirements of
UK-adopted international accounting standards. As part of this
evaluation, we performed our own risk assessment, supported
by our climate change internal specialists, to determine the risks
of material misstatement in the financial statements from climate
change which needed to be considered in our audit.
We also challenged the Directors’ considerations of climate
change risks in their assessment of going concern, viability,
valuation of the freehold pub estate, impairment of assets and
associated disclosures. Where considerations of climate change
were relevant to our assessment of going concern, these are
described above.
Based on our work we have not identified the impact of climate
change on the financial statements to be a key audit matter
or to impact a key audit matter.
Independent auditor’s report continued
Financial Statements
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Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud)
that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the allocation of resources
in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the
financial statements as a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters.
Risk Our response to the risk
Valuation of the freehold pub estate
Refer to the Audit committee report (page 89);
accounting policies (pages 132 and 137); notes 17,18
and 22 of the group financial statements (pages 147
to 152); and notes 5 and 10 of the company financial
statements (pages 175 and 178).
The group holds freehold properties amount to
£1,005.2 million as at 30 March 2026 (31 March
2025: £994.0 million), in addition to £3.2 million of
investment property (31 March 2025: £3.8 million).
As at 30 March 2026, the group also held
£3.3 million of freehold properties held for sale
(31 March 2025: nil).
The group’s freehold property estate is held at fair
value, with a formal revaluation performed at the
balance sheet date.
The valuation methodology involves significant
judgement and estimation, particularly in assessing
fair maintainable trade (FMT) at the individual pub
level and applying appropriate trading multiples.
For certain pubs a ‘spot’ valuation approach has been
applied where historical trading data is unavailable or
not considered representative of future potential.
These estimates are inherently subjective, and even
modest changes in key assumptions could result in
a range of outcomes that exceed our materiality for
the financial statement as a whole. The sensitivity of
these valuations is disclosed in notes 17 and 18 to the
financial statements.
The risk on this key audit matter has not increased or
decreased from the prior period.
This key audit matter affects the group and company
financial statements. We performed centralised
procedures over this risk, which covered 100% of the
risk amount
We understood and walked through the methodology applied by management
in performing its freehold estate valuation as at 30 March 2026 and assessed the
design effectiveness of the key controls in place.
We met with management and the group’s external valuation specialists to
critically assess the valuation approach and the judgements made in determining
the fair value of the freehold pub estate. These included fair maintainable trade
(FMT), valuation multiples, and the approach to the various spot valuations.
We obtained an understanding of relevant group management’s involvement
in the valuation process to assess whether appropriate oversight had occurred.
We assessed the competence and objectivity of the external valuer, including
consideration of their qualifications, expertise, and independence.
We challenged key valuation assumptions - such as FMT, trading multiples, and
spot valuations - by comparing a sample of properties to relevant market data,
with support from our internal valuation specialists.
We benchmarked the group’s pub valuations against comparable market
transactions within the sector and assessed the appropriateness of the valuation
approach in reflecting the ongoing impact of broader economic uncertainties on
freehold pub values.
On a sample basis, we agreed observable inputs used in the valuation to
underlying source documentation.
With the support of our valuation specialists, we evaluated and challenged
valuation outputs on a sample basis, focusing in particular on higher-risk assets
identified during our audit.
Across the freehold portfolio, in addition to assessing FMT as noted above, we
assessed the multipliers adopted by management with reference to pub location,
other property characteristics, the results of detailed valuation testing, prior-period
valuations, and benchmarking to comparable market transactions.
We reviewed the group’s disclosures relating to the valuation of the property
estate, with particular focus on the transparency and clarity of sensitivity analyses
applied to key underlying assumptions.
We verified that changes in pub valuations were appropriately accounted for
through either the revaluation reserve or the income statement, with reference
to original cost.
Key observations communicated to the Audit Committee
We concluded that the valuation of the freehold pub estate has been appropriately determined in accordance with IAS 16 |
Property, Plant and Equipment and IFRS 13 Fair Value Measurement.
We concluded that appropriate disclosures have been included in notes 17, 18, 22 and the key accounting estimate disclosures in note 4
of the group financial statements, and notes 5 and 10 of the company financial statements.
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Financial Statements
Risk Our response to the risk
Non-current asset impairment
Refer to the Audit committee report (page 89); accounting
policies (pages 133 and 137); notes 16, 17 and 19 of the
group financial statements (pages 146 to 151); and notes
4, 5, 6 and 7 of the company financial statements (pages
174 to 177).
In addition to its freehold property portfolio, the group
has significant other assets connected with its pub
estate, including goodwill of £77.1 million (31 March
2025: £77.1 million), leasehold improvements,
fixtures, fittings and equipment in leasehold properties
of £36.7 million (31 March 2025: £38.2 million)
and right of use assets of £153.8 million (31 March
2025: £161.9 million).
In addition, investments in subsidiaries of £158.0m
(31 March 2025: £158.0m) are recognised on the
company balance sheet.
The changes in consumer spending habits arising
from the ‘cost of living’ crisis and suppressed market
capitalisation of the group in line with similar trends
across the pub industry, has been identified as an
indicator of impairment.
Impairment is tested on the basis of each individual cash
generating unit (an individual pub) or, in the case of
goodwill, the group of pubs associated with it.
There is a risk that pubs may not achieve the anticipated
business performance to support their carrying value.
This could lead to an impairment charge that has not
been recognised by management.
Judgement is required in forecasting the future cashflows
of each pub, the long-term growth rate and the rate at
which the cashflows are discounted.
The risk on this key audit matter has not increased or
decreased from the prior period.
This key audit matter affects the group and company
financial statements.
We performed centralised procedures over this risk,
which covered 100% of the risk amount.
We understood and walked through the methodology applied by management
in performing its impairment testing for goodwill, investments in subsidiaries, and
right of use assets where indicators existed as at 30 March 2026, and assessed
the design effectiveness of the key controls in place.
We evaluated the appropriateness of management’s identification of cash
generating units (CGUs), being individual pubs, and the grouping of CGUs for
the purposes of testing impairment of goodwill.
We assessed the completeness of management’s identification of indicators of
impairment for right of use assets and investments in subsidiaries. This included
assessing the completeness of the identification of assets with reversals of
historic impairments.
In respect of investments in subsidiaries and right of use assets (where indicators
of impairment were identified) and with respect to goodwill (assessed annually)
tested using a value in use approach:
• We tested the arithmetical accuracy and integrity of the impairment
models and confirmed that the forecasts used were consistent with board
approved forecasts applied in management’s going concern assessment.
• We assessed the reasonableness of short term cashflow assumptions,
including short term growth rates, with reference to historic performance,
historic forecasting accuracy, external industry and market data, and
economic forecasts. We additionally considered the results of our review
of board minutes, enquiries of operations managers and visits performed
to a sample of pubs. Specifically for right of use assets, we assessed the
reasonableness of the cashflow forecasts adopted by management in light
of current and historic trading performance.
• With respect to reversals of historic impairments, we corroborated the
cash flow assumptions to the sub-lease agreement signed during the
current period.
• With the support of our internal valuation specialists, we assessed the
discount rate and long term growth rate applied to the cashflows by
independently determining an acceptable range for each assumption.
• We calculated the extent to which key inputs and assumptions would
need to fluctuate before an impairment was triggered and considered
the likelihood of such changes occurring. We performed our own
sensitivity analyses, focusing on EBITDA and the discount rate as the most
significant assumptions.
We assessed the disclosures in notes 16, 17, and 19 of the group financial
statements and notes 4, 5, 6, and 7 of the company financial statements against
the requirements of IAS 36 Impairment of Assets, with particular focus on
disclosure of impairment charges recognised and the sensitivity disclosures for
groups of CGUs to which goodwill has been allocated.
Key observations communicated to the Audit Committee
We concluded that the impairments of £1.3 million to right-of-use assets recognised in the group financial statements and £0.9 million
in the company financial statements were appropriate based on our procedures performed. We concluded that impairment reversals of
£0.8 million to right-of-use assets in the group and company financial statements were appropriate.
We concluded that appropriate disclosures have been included in note 9 and note 19 of the group financial statements, and note 6 of the
company financial statements, in relation to the impairments recognised in the 52 week period. The reasonable possible changes to key
assumptions that would give rise to an impairment of goodwill are appropriately disclosed in note 16 to the group financial statements and
for investments in subsidiaries are disclosed in note 7 in the company financial statements.
Independent auditor’s report continued
Financial Statements
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Risk Our response to the risk
Deferred taxation arising on the valuation of the
pub estate
Refer to the Audit committee report (page 90); accounting
policies (pages 134, 135 and 137); note 25 of the group
financial statements (page 158); and note 13 of the
company financial statements (page 180).
As of 30 March 2026, the group had net
deferred tax liabilities of £136.9 million (31 March
2025: £128.8 million). There is complexity in the
group’s accounting for deferred tax. Specifically,
a significant level of management judgement and
complex calculations are required in accounting for the
deferred tax arising on the valuation of each freehold pub.
These judgements are focused on:
• the treatment of capital losses, rollover
relief, indexation allowances and initial
recognition exemptions;
• recognising deferred tax on the pubs on a sale,
in-use or a dual basis; and
• calculating the deferred tax associated with right
of use assets recognised under IFRS 16, which have
a similar risk profile to the freehold pub estate.
The risk on this key audit matter has not increased
or decreased from the prior period.
This key audit matter affects the group and company
financial statements. We performed centralised
procedures over the total deferred tax balance.
We performed a walkthrough of the group’s process for determining the
deferred tax arising from the valuation of the pub estate. We also assessed
the design effectiveness of the key controls that were in place.
In conjunction with our tax team members with specialist skills we tested the
deferred tax calculations based on the valuation of freehold pubs. This focused
on verifying the inputs into the deferred tax calculation, testing its mathematical
accuracy and recalculating the deferred tax for a sample of pubs across the estate.
This included a testing of capital losses, rollover relief, indexation allowances and
initial recognition exemptions.
We considered the assumptions used in calculating the deferred tax balances,
including whether the deferred tax assumptions were consistent with the group’s
intended use of the freehold pubs – being a sale, in-use or a dual basis.
We considered whether the related deferred tax disclosures, included in note
25 to the group financial statements and note 13 to the company financial
statements, were in line with IAS 12 requirements.
Key observations communicated to the Audit Committee
We considered management’s judgements in the recognition of deferred tax arising on the valuation of the pub estate to be appropriate and
the underlying calculation to be accurate. We also consider that the disclosures in note 25 of the group financial statements and note 13 of
the company financial statements are appropriate.
Management override in the recognition of revenue
via topside journals
Refer to the accounting policies (page 131); and note 6
of the group financial statements (page 139).
The group recorded revenue from continuing operations
of £508.2 million in the 52 weeks ending 30 March
2026 (2025: £485.8 million).
The vast majority of the group’s revenue transactions
are non-complex, with no judgement applied over the
amount recorded.
We consider the significant and fraud risk relating to
revenue to be around management override of controls
and topside journals to revenue.
The risk on this key audit matter has not increased
or decreased from the prior period.
This key audit matter affects the group and company
financial statements. We performed centralised procedures
over this risk, which covered 100% of the risk amount.
We performed walkthroughs of each of the group’s significant revenue processes,
including the recording of manual journal adjustments, and assessed the design
effectiveness of the key controls in place.
We applied correlation data analysis and cash anchor testing over the group’s
revenue journal population to assess the extent to which revenue was converted
into cash and to isolate non standard and manual revenue transactions.
We obtained corroborative evidence to support the identified items.
We searched for topside journals posted to revenue; none were identified.
We performed cut off testing procedures, including review of post period
end cash receipts and journals, and conducted an analytical review of
significant variances.
Key observations communicated to the Audit Committee
We concluded that revenue was reasonably stated. We did not identify any instances of management override in relation to revenue.
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Financial Statements
Our application of materiality
We apply the concept of materiality in planning and performing
the audit, in evaluating the effect of identified misstatements
on the audit and in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement that,
individually or in the aggregate, could reasonably be
expected to influence the economic decisions of the users
of the financial statements. Materiality provides a basis for
determining the nature and extent of our audit procedures.
We determined materiality for the group to be £2.6 million
(2025: £2.5 million), which is 5% (2025: 5%) of adjusted
profit before tax. We believe that adjusted profit before tax
(as set out in note 10) is considered to be the focus of the
group’s stakeholders.
We determined materiality for the parent company to be
£1.9 million (2025: £1.9 million), which is 5% (2025: 5%)
of adjusted profit before tax.
• Profit before tax – £41.1m
• Adjusting items – £12.0m
• Adjusted profit before tax – £53.1m
Starting
basis
Adjustments
Materiality
• Materiality of £2.6m (5% of materiality basis)
Performance materiality
The application of materiality at the individual account
or balance level. It is set at an amount to reduce to
an appropriately low level the probability that the
aggregate of uncorrected and undetected misstatements
exceeds materiality.
On the basis of our risk assessments, together with our
assessment of the group’s overall control environment,
our judgement was that performance materiality was 50%
(2025: 50%) of our planning materiality, namely £1.3 million
(2025: £1.2 million). We have set performance materiality at
this percentage due to various considerations including the
past history of misstatements, our ability to assess the likelihood
of misstatements, and other factors affecting the entity and
its financial reporting.
Reporting threshold
An amount below which identified misstatements
are considered as being clearly trivial.
We agreed with the Audit committee that we would report to
them all uncorrected audit differences in excess of £0.1 million
(2025: £0.1 million), which is set at 5% of planning materiality,
as well as differences below that threshold that, in our view,
warranted reporting on qualitative grounds.
We evaluate any uncorrected misstatements against both
the quantitative measures of materiality discussed above and
in light of other relevant qualitative considerations in forming
our opinion.
Other information
The other information comprises the information included
in the annual report set out on pages 1 to 115 and 182 to 196,
other than the financial statements and our auditor’s report
thereon. The directors are responsible for the other information
contained within the annual report.
Our opinion on the financial statements does not cover the
other information and, except to the extent otherwise explicitly
stated in this report, we do not express any form of assurance
conclusion thereon.
Our responsibility is to read the other information and, in
doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge
obtained in the course of the audit or otherwise appears to be
materially misstated. If we identify such material inconsistencies
or apparent material misstatements, we are required to determine
whether this gives rise to a material misstatement in the financial
statements themselves. If, based on the work we have performed,
we conclude that there is a material misstatement of the other
information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters in accordance
with the terms of our engagement letter
with the Company
In our opinion, based on the work undertaken in the course
of the audit the part of the directors’ remuneration report to
be audited has been properly prepared in accordance with
the basis of preparation.
Opinions on other matters prescribed
by the Companies Act 2006
In our opinion, based on the work undertaken in the course
of the audit:
• the information given in the strategic report and the directors’
report for the financial year for which the financial statements
are prepared is consistent with the financial statements; and
• the strategic report and the directors’ report have been
prepared in accordance with applicable legal requirements.
Independent auditor’s report continued
Financial Statements
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Matters on which we are required
to report by exception
In the light of the knowledge and understanding of the group
and the parent company and its environment obtained in the
course of the audit, we have not identified material misstatements
in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters
in relation to which the Companies Act 2006 requires us to
report to you if, in our opinion:
• adequate accounting records have not been kept by the
parent company, or returns adequate for our audit have
not been received from branches not visited by us; or
• the parent company financial statements and the part of
the Directors’ Remuneration Report to be audited are not
in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by
law are not made; or
• we have not received all the information and explanations
we require for our audit.
Corporate Governance Statement
We have reviewed the directors’ statement in relation to going
concern, longer-term viability and that part of the Corporate
Governance Statement relating to the group and company’s
compliance with the provisions of the UK Corporate Governance
Code specified for our review by the UK Listing Rules.
Based on the work undertaken as part of our audit, we have
concluded that each of the following elements of the Corporate
Governance Statement is materially consistent with the financial
statements or our knowledge obtained during the audit:
• Directors’ statement with regards to the appropriateness
of adopting the going concern basis of accounting and any
material uncertainties identified set out on page 115;
• Directors’ explanation as to its assessment of the company’s
prospects, the period this assessment covers and why the
period is appropriate set out on pages 66;
• Directors’ statement on whether it has a reasonable
expectation that the group will be able to continue in
operation and meets its liabilities set out on pages 66;
• Directors’ statement on fair, balanced and understandable set
out on page 115;
• Board’s confirmation that it has carried out a robust assessment
of the emerging and principal risks set out on pages 62 to 66;
• The section of the annual report that describes the review
of effectiveness of risk management and internal control
systems set out on page 91; and
• The section describing the work of the Audit committee
set out on pages 87 to 92.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement
set out on page 115, the directors are responsible for the
preparation of the financial statements and for being satisfied
that they give a true and fair view, and for such internal control
as the directors determine is necessary to enable the preparation
of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, the directors are
responsible for assessing the group and parent company’s ability
to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the
group or the parent company or to cease operations, or have no
realistic alternative but to do so.
Auditor’s responsibilities for the audit
of the financial statements
Our objectives are to obtain reasonable assurance about whether
the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs (UK) will always detect a
material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these
financial statements.
Explanation as to what extent the audit
was considered capable of detecting
irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance
with laws and regulations. We design procedures in line with
our responsibilities, outlined above, to detect irregularities,
including fraud. The risk of not detecting a material misstatement
due to fraud is higher than the risk of not detecting one resulting
from error, as fraud may involve deliberate concealment by, for
example, forgery or intentional misrepresentations, or through
collusion. The extent to which our procedures are capable of
detecting irregularities, including fraud is detailed below.
However, the primary responsibility for the prevention and
detection of fraud rests with both those charged with governance
of the company and management.
• We obtained an understanding of the legal and regulatory
frameworks that are applicable to the group and determined
that the most significant are directly relevant to specific
assertions in the financial statements are those that relate to
the reporting framework (UK-adopted international accounting
standards, Financial Reporting Standard 101 Reduced
Disclosure Framework, the UK Companies Act 2006, QCA
Code, AIM Rules, the UK Corporate Governance Code and
the Listing Rules of the London Stock Exchange) and the
relevant tax laws and regulation, including UK Corporate tax
legislation. In addition, we concluded that there are certain
significant laws and regulations which may have an effect
on the determination of the amounts and disclosures in the
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Financial Statements
financial statements, relating to health and safety, employee
matters and right to work checks per the guidance from Home
Office and UK Visas and Immigration.
• We understood how the group is complying with those
frameworks by making inquiries of management, those
charged with governance, internal audit, those responsible for
legal and compliance procedures and the company secretary.
We corroborated our inquiries through inspection of board
minutes and correspondence with regulatory authorities,
papers provided to the Audit committee and attendance
at those meetings and consideration of the results of our
audit procedures across the group.
• We assessed the susceptibility of the group’s financial
statements to material misstatement, including how fraud
might occur by making inquiries of management, those
charged with governance, internal audit and various
other individuals within the financial reporting function.
We corroborated these inquiries by inspecting board
minutes, internal audit reports and findings and reports
to the group’s internal whistleblowing hotline. We also
considered performance targets and their influence on efforts
made by management to manage earnings and influence
the perceptions of analysts. We considered the programmes
and controls that the group has established to address
the risks identified, or that otherwise prevent, deter and
detect fraud; and how senior management monitors those
programmes and controls. Where the risk was considered
to be higher, we performed audit procedures to address each
identified fraud risk. These procedures included testing manual
journals and were designed to provide reasonable assurance
that the financial statements were free from fraud and error.
• Based on this understanding we designed our audit
procedures to identify non-compliance with such laws and
regulations. Our procedures involved making inquiries of
group management, those charged with governance and
legal counsel, as well as journal entry testing, with a focus
on manual consolidation journals and journals indicating
significant or unusual transactions based on our understanding
of the business. Through our testing we challenged the
assumptions and judgements made by management in
respect of significant one-off transactions in the 52 week
period and significant accounting estimates as referred
to in the key audit matters section above. We also leveraged
our data analytics platform when performing our work
on the order to cash process to assist in identifying higher risk
transactions for testing.
A further description of our responsibilities for the audit
of the financial statements is located on the Financial
Reporting Council’s website at https://www.frc.org.uk/
auditorsresponsibilities. This description forms part of
our auditor’s report.
Other matters we are required to address
• Following the recommendation from the Audit committee
we were appointed by the company on 9 July 2025 to audit
the financial statements for the 52 weeks ending 30 March
2026 and subsequent financial periods. The period of total
uninterrupted engagement including previous renewals and
reappointments is 28 years, covering the periods ending
27 March 1999 to 30 March 2026.
• The audit opinion is consistent with the additional report
to the Audit committee.
Use of our report
This report is made solely to the company’s members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act
2006. Our audit work has been undertaken so that we might
state to the company’s members those matters we are required
to state to them in an auditor’s report and for no other purpose.
To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the company and
the company’s members as a body, for our audit work, for this
report, or for the opinions we have formed.
for and on behalf of Ernst & Young LLP ,
Statutory Auditor
Reading
20 May 2026
Independent auditor’s report continued
Financial Statements
124 Young & Co.’s Brewery, P.L.C.
|
Annual Report 2026
Group income statement
For the 52 weeks ended 30 March 2026
| 2026 | 2025 | ||
| 52 weeks | 52 weeks | ||
| Notes | £m | £m | |
Revenue | 6 | ||
Operating costs before adjusting items | 7 | ( | ( |
Adjusted operating profit | |||
Adjusting items | 9 | ( | ( |
Operating profit | |||
Finance costs | 11 | ( | ( |
Finance (charge)/income for pension obligations | 26 | ( | |
Profit before tax | |||
Income tax expense | 12 | ( | ( |
Profit for the period attributable to shareholders of the parent company | |||
| Attributable to: | |||
Shareholders of the parent company | |||
Non-controlling interests | 30 | ||
Pence | Pence | ||
| Earnings per 12.5p ordinary share | |||
Basic | 15 | ||
Diluted | 15 |
The notes on pages 130 to 170 form part of these financial statements.
125Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
Group Financial Statements
Group statement of comprehensive income
For the 52 weeks ended 30 March 2026
| 2026 | 2025 | ||
| 52 weeks | 52 weeks | ||
| Notes | £m | £m | |
Profit for the period | |||
| Other comprehensive income | |||
| Items that will not be reclassified subsequently to profit or loss: | |||
Unrealised gain on revaluation of property | 17 | ||
Remeasurement of retirement benefit schemes | 26 | ( | |
Tax on above components of other comprehensive income | 12 | ( | ( |
| Items that will be reclassified subsequently to profit or loss: | |||
Fair value movement of interest rate swaps | 24 | ( | ( |
Tax on fair value movement of interest rate swaps | 12 | ||
Total comprehensive income attributable to shareholders of the parent company | |||
| Attributable to: | |||
Shareholders of the parent company | |||
Non-controlling interests | 30 | ||
The notes on pages 130 to 170 form part of these financial statements.
Group Financial Statements
126 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
| Group | |||
| 2026 | 2025 | ||
| Notes | £m | £m | |
| Non-current assets | |||
Goodwill | 16 | ||
Property and equipment | 17 | ||
Investment properties | 18 | ||
Right-of-use assets | 19 | ||
Trade and other receivables | 21 | ||
Derivative financial instruments | 24 | ||
Retirement benefit schemes | 26 | ||
| Current assets | |||
Inventories | 20 | ||
Trade and other receivables | 21 | ||
Income tax receivable | |||
Derivative financial instruments | 24 | ||
Cash | |||
Assets held for sale | 22 | ||
Total assets | |||
| Current liabilities | |||
Borrowings | 24 | ( | ( |
Bank overdrafts | ( | ||
Lease liabilities | 27 | ( | ( |
Trade and other payables | 23 | ( | ( |
Income tax payable | ( | ||
( | ( | ||
| Non-current liabilities | |||
Borrowings | 24 | ( | ( |
Lease liabilities | 27 | ( | ( |
Derivative financial instruments | 24 | ( | |
Deferred tax liabilities | 25 | ( | ( |
Retirement benefit schemes | 26 | ( | ( |
( | ( | ||
Total liabilities | ( | ( | |
Net assets | |||
| Capital and reserves | |||
Share capital | 28 | ||
Share premium | |||
Other reserves | |||
Hedging reserve | |||
Revaluation reserve | |||
Retained earnings | |||
Non-controlling interests | 30 | ||
Total equity |
Group balance sheet
At 30 March 2026
The notes on pages 130 to 170 form part of these financial statements.
Young & Co.’s Brewery, P.L.C. Registered in England number 32762.
127Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
Group Financial Statements
| 2026 | 2025 | ||
| 52 weeks | 52 weeks | ||
| Notes | £m | £m | |
| Operating activities | |||
Net cash generated from operations | 32 | ||
Tax paid | ( | ( | |
Net cash flows from operating activities | |||
| Investing activities | |||
Proceeds from disposal of property and equipment 1 | |||
Purchase of property and equipment | 17 | ( | ( |
Purchase of asset classified as held for sale | ( | ||
Disposal of subsidiary shareholding 2 | |||
Net cash used in investing activities | ( | ( | |
| Financing activities | |||
Purchase of shares through share buyback programme | ( | ||
Interest paid | ( | ( | |
Dividends paid | 14 | ( | ( |
Acquisition of additional shareholding in subsidiaries 2 | ( | ( | |
Payment of principal portion of lease liabilities | ( | ( | |
Repayment of borrowings 3 | ( | ( | |
Transaction costs incurred on borrowings | ( | ( | |
Proceeds from borrowings 3 | |||
Net cash flows used in financing activities | ( | ( | |
Net increase/(decrease) in cash | ( | ||
Cash at the beginning of the period | |||
Cash at the end of the period |
1 During the current period to 30 March 2026, £0.6 million related to the sale of the Chapel 1877 (Cardiff), and £0.5 million relating to the Market
House (Stow-on-the-Wold). During the prior period to 31 March 2025, £6.8 million related to the sale of the Plough (Beddington), Clock House (East
Dulwich), Angel & Greyhound (Oxford), Dolphin (Betchworth), Wild Duck (near Cirencester), Tavern (Cheltenham), White Hart (Littleton-on-Severn)
and an unlicensed property (Greenford).
2 During the current period to 30 March 2026, the group increased its shareholding in both The Galaxy (City) Pub Company Limited and The
Sovereign (City) Pub Company Limited to 69% for consideration of £0.4 million. During the prior period to 31 March 2025, the group sold its 53%
shareholding in The Pioneer (City) Pub Company Limited, for a total consideration of £2.3 million. In addition, during the prior period the group
increased its shareholding in both The Galaxy (City) Pub Company Limited and The Sovereign (City) Pub Company Limited to 61% for consideration
of £0.8 million.
3 During the current period to 30 March 2026, the group repaid net £23.0 million of the Revolving Credit Facility debt, repaid £25.0 million in relation
to term loans and drew down net £27.3 million in relation to the working capital facility. During the prior period to 31 March 2025, the group repaid
net £31.5 million of the Revolving Credit Facility debt and repaid the £1.0 million term loan with Metro Bank which was held indirectly through
the group.
Group statement of cash flows
For the 52 weeks ended 30 March 2026
The notes on pages 130 to 170 form part of these financial statements.
Group Financial Statements
128 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
The notes on pages 130 to 170 form part of these financial statements.
| Non- | ||||||||
| Share | Other | Hedging | Revaluation | Retained | controlling | Total | ||
capital 1 | reserves | reserve | reserve | earnings | interests | equity | ||
| Notes | £m | £m | £m | £m | £m | £m | £m | |
At 1 April 2024 | ||||||||
| Total comprehensive income | ||||||||
Profit for the period | ||||||||
| Other comprehensive income | ||||||||
Unrealised gain on revaluation of property | 17 | |||||||
Remeasurement of retirement benefit schemes | 26 | ( | ( | |||||
| Net movement of interest rate swaps – cash | ||||||||
flow hedge | 24 | ( | ( | |||||
Tax on above components of other comprehensive income | 12 | ( | ( | |||||
( | ( | |||||||
Total comprehensive income | ( | |||||||
| Transactions with owners recorded directly in equity | ||||||||
Movements in non-controlling interests | ( | ( | ( | |||||
Dividends paid on equity shares | 14 | ( | ( | |||||
Share based payments | 29 | |||||||
( | ( | ( | ||||||
| – | ||||||||
At 31 March 2025 | ||||||||
| Total comprehensive income | ||||||||
Profit for the period | ||||||||
| Other comprehensive income | ||||||||
Unrealised gain on revaluation of property | 17 | |||||||
Remeasurement of retirement benefit schemes | 26 | |||||||
IFRIC 14 adjustment | 26 | ( | ( | |||||
| Net movement of interest rate swaps – cash | ||||||||
flow hedge | 24 | ( | ( | |||||
Tax on above components of other comprehensive income | 12 | ( | ( | ( | ||||
( | ||||||||
Total comprehensive income | ( | |||||||
| Transactions with owners recorded directly in equity | ||||||||
Movements in non-controlling interests | ( | ( | ||||||
Dividends paid on equity shares | 14 | ( | ( | |||||
Cancellation of shares | ( | ( | ||||||
Share buyback 2 | ( | ( | ||||||
( | ( | ( | ( | ( | ||||
At |
1 Total share capital comprises the nominal value of the share capital issued and fully paid of £7.7 million (2025: £7.8 million) and the share premium
account of £7.8 million (2025: £7.8 million). Share capital issued in the period comprises the nominal value of £nil (2025: £nil) and share premium
of £nil (2025: £nil). Share capital cancelled in the period comprises the nominal value of £0.1 million (2025: £nil) and share premium of £nil
(2025: £nil).
2 For further details on the share buyback programme, please refer to note 23 and note 28.
Group statement of changes in equity
For the 52 weeks ended 30 March 2026
129Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
Group Financial Statements
Notes to the consolidated financial statements
For the 52 weeks ended 30 March 2026
1. General information
The group financial statements of Young & Co.’s Brewery, P.L.C.
by the board of directors on 20 May 2026. Young & Co.’s Brewery, P.L.C. (‘the company’) is a public limited company incorporated
and domiciled in England and Wales
Exchange until the 28 April 2026, subsequent to the balance sheet date, whereupon they transferred to the Main Market of the
London Stock Exchange. The nature of the group’s operations and its principal activities are set out in note 5 and in the strategic report
on pages 1 to 71.
The current period and prior period relate to the 52 weeks ended 30 March 2026 and the 52 weeks ended 31 March
2025 respectively.
2. Basis of preparation
IFRS, as applicable in the UK, includes the application of International Financial Reporting Standards including International Accounting
Standards (IAS) and related Interpretations of the International Financial Reporting Interpretations Committee (IFRIC) and Interpretations
of the Standing Interpretations Committee (SIC). During the period, new IFRS and amendments to existing IFRS were issued by the
International Accounting Standards Board (IASB). The impact and, if applicable, the adoption of these standards is described below
in “New Accounting Standards, Amendments and Interpretations”.
In preparing the group financial statements, management have considered the impact of climate change, taking into account the
relevant disclosures in the strategic report. This included a review of both physical climate risks and transitional climate risks, taking into
regard recommendations issued by the Task Force on Climate-related Financial Disclosures. In particular, assets with indefinite or long
lives were assessed for impairment by taking into account global warming. No issues were identified that would impact such assets
carrying values or have a material impact on the financial statements and is not expected to have a significant impact on the group’s
going concern assessment to June 2027, nor the next five years.
Group Financial Statements
130 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
As the company was listed on AIM at the balance sheet date, Young & Co’s Brewery, P.L.C. is not required by UK law or regulation
to prepare the Directors’ Remuneration Report under regulation that applies to UK Quoted companies. However, by virtue of
company’s listing on the London Stock Exchange subsequent to the balance sheet date and reflecting the Directors’ approach to good
governance and investor expectation, we have prepared this report in line with the requirements under the UK Companies Act 2006.
The Directors’ Remuneration Report, set out on pages 93 to 113, has been voluntarily prepared in accordance with sections 420 to
422 of the UK Companies Act 2006.
The subsidiaries of the company are exempt from the requirements of the Companies Act 2006 relating to the audit of individual
accounts by virtue of either Section 394C or 479C of that Act. Refer to note 7 on page 177 in the company financial statements.
New Standard | Effective date |
Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments | 1 January 2026 |
Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-Dependent Electricity | 1 January 2026 |
Volume 11: Annual Improvements to IFRS Accounting Standards | 1 January 2026 |
IFRS 18: Presentation and Disclosure in Financial Statements | 1 January 2027 |
IFRS 19: Subsidiaries without Public Accountability | 1 January 2027 |
3. Summary of accounting policies
The accounting policies adopted are set out below.
131Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
Group Financial Statements
3. Summary of significant accounting policies continued
Notes to the consolidated financial statements continued
For the 52 weeks ended 30 March 2026
Group Financial Statements
132 Young & Co.’s Brewery, P.L.C.
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133Young & Co.’s Brewery, P.L.C.
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Group Financial Statements
3. Summary of significant accounting policies continued
Notes to the consolidated financial statements continued
For the 52 weeks ended 30 March 2026
Group Financial Statements
134 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
135Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
Group Financial Statements
3. Summary of significant accounting policies continued
Notes to the consolidated financial statements continued
For the 52 weeks ended 30 March 2026
Group Financial Statements
136 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
4. Key accounting estimates and judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect
the reported amounts of assets, liabilities, income and expenses.
In applying the group’s accounting policies, the following estimates are considered to carry the most significant risk of resulting
in a material adjustment to the reported amount in the next financial year if the actual outcome differs from these estimates:
(a) Valuation of property and equipment
The group is required to value property and equipment on a sufficiently regular basis using open market values to ensure the
current carrying value does not differ significantly from the fair value. The valuation, performed by qualified valuers, is based on
market observations and estimates on the selling price in an arm’s length transaction, and includes estimates of future income levels
and trading potential for each pub, as well as taking into account other factors such as location, tenure and current income levels.
See note 17.
(b) Carrying value of goodwill
The group considers annually whether goodwill have suffered any impairment in accordance with the accounting policy set out in
note 3(i). The recoverable amounts for cash generating units have been determined based on value in use calculations. Similarly,
the recoverable amounts for leases that are identified by management as having impairment indicators have been determined based
on value in use calculations. These calculations require the use of estimates, including growth rates, capital maintenance expenditure,
climate change assumptions and pre-tax discount rates. See notes 3(i) and 16.
(c) Defined benefit pension and health care scheme obligations
Measurement of defined benefit pension and health care scheme obligations requires an estimate of future changes in salaries
and inflation, as well as mortality rates, the expected return on assets and the selection of a suitable discount rate. These have been
determined on advice from an independent qualified actuary. See notes 3(r) and 26.
The critical judgements considered to carry the most significant risk of a material adjustment to the reported amount if the actual
outcome differs from these judgements are as follows:
(d) Taxation
The group reviews potential tax liabilities and benefits to assess the appropriate accounting treatment. Tax provisions are made if it is
probable that a tax authority will not accept a tax treatment in a previously filed or future tax return. Tax benefits are not recognised
unless it is probable that they will be recovered. The group exercises judgements in the recognition of deferred tax liabilities, including
assumptions for group’s intended use of the freehold pubs, being a sale, in-use or dual basis. Calculating the group’s tax provisions
requires judgements to be made based on past experience and the current tax environment. See notes 3(p), 12 and 25.
5. Segmental reporting
In line with the requirements of IFRS 8 Operating Segments, the group is organised into one reporting segment, that of operating
managed houses. This is in line with the internal reporting to the executive board of the group for the purpose of deciding on the
allocation of resources and assessing performance. The remaining tenanted houses are grouped together with the unallocated segment
and reported as ‘all other segments’. Adjusted operating profit/(loss) is the primary measure of profit used in internal reporting.
Total segment revenue is derived externally, with no intersegment revenues between the segments in the period. The group’s revenue
is derived entirely from the UK.
Income statement
| Managed | All other | ||
| houses | segments | Total | |
| 52 weeks | 52 weeks | 52 weeks | |
| 2026 | £m | £m | £m |
Drink sales | 321.6 | – | 321.6 |
Food sales | 151.5 | – | 151.5 |
Accommodation sales | 32.2 | – | 32.2 |
Total revenue from contracts with customers | 505.3 | – | 505.3 |
Other income | 2.3 | 0.6 | 2.9 |
Total revenue recognised | 507.6 | 0.6 | 508.2 |
Adjusted operating profit/(loss) | 101.7 | (30.4) | 71.3 |
Adjusting items | (8.9) | (3.1) | (12.0) |
Operating profit/(loss) | 92.8 | (33.5) | 59.3 |
137Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
Group Financial Statements
5. Segmental reporting continued
| Managed | All other | ||
| houses | segments | Total | |
| 52 weeks | 52 weeks | 52 weeks | |
| 2025 | £m | £m | £m |
Drink sales | 305.5 | – | 305.5 |
Food sales | 146.3 | – | 146.3 |
Accommodation sales | 30.8 | – | 30.8 |
Total revenue from contracts with customers | 482.6 | – | 482.6 |
Other income | 2.4 | 0.8 | 3.2 |
Total revenue recognised | 485.0 | 0.8 | 485.8 |
Adjusted operating profit/(loss) | 97.6 | (26.2) | 71.4 |
Adjusting items | (32.6) | (0.9) | (33.5) |
Operating profit/(loss) | 65.0 | (27.1) | 37.9 |
Of total revenue, £0.3 million was related to tenanted houses (2025: £0.4 million). Of operating profit, £0.4 million was related
to tenanted houses (2025: £nil). Of all other segments’ rental income, £0.2 million was derived from unlicensed properties
(2025: £0.4 million).
The following is a reconciliation of the operating profit to the profit before tax:
| 2026 | 2025 | |
| 52 weeks | 52 weeks | |
| £m | £m | |
Operating profit | 59.3 | 37.9 |
Finance costs | (18.0) | (19.9) |
Finance (charge)/income for pension obligations | (0.2) | 0.1 |
Profit before tax | 41.1 | 18.1 |
Balance sheet
| Managed | All other | ||
| houses | segments | Total | |
| 2026 | £m | £m | £m |
Segment assets | 1,285.5 | 23.7 | 1,309.2 |
Cash | – | 8.1 | 8.1 |
Total assets | 1,285.5 | 31.8 | 1,317.3 |
| Other segmental information | |||
Depreciation of property, equipment and right-of-use assets (note 17, note 19) | (42.1) | (1.8) | (43.9) |
Additions to non-current assets 1 | 33.7 | 1.9 | 35.6 |
Net movements in property valuation through income statement (note 9, note 17) | 7.3 | 0.4 | 7.7 |
Impairment of investment properties and leases (note 18, note 19) | (1.3) | 0.2 | (1.1) |
Raw materials, consumables and finished goods used | 105.5 | 0.1 | 105.6 |
Employment costs (note 8) | 164.5 | 17.1 | 181.6 |
Other operating costs | 93.4 | 12.1 | 105.5 |
1 Non-current assets for this purpose consist of property and equipment, right-of-use assets and longer-term prepayments.
Notes to the consolidated financial statements continued
For the 52 weeks ended 30 March 2026
Group Financial Statements
138 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
| Managed | All other | ||
| houses | segments | Total | |
| 2025 | £m | £m | £m |
Segment assets | 1,274.0 | 32.8 | 1,306.8 |
Cash | – | 7.5 | 7.5 |
Total assets | 1,274.0 | 40.3 | 1,314.3 |
| Other segmental information | |||
Depreciation of property, equipment and right-of-use assets (note 17, note 19) | (40.6) | (1.6) | (42.2) |
Additions to non-current assets 1 | 45.8 | 1.2 | 47.0 |
Net movements in property valuation through income statement (note 9, note 17) | 21.4 | 0.4 | 21.8 |
Impairment of investment properties and leases (note 18, note 19) | (8.2) | (0.5) | (8.7) |
Raw materials, consumables and finished goods used | 102.6 | 0.1 | 102.7 |
Employment costs (note 8) | 154.0 | 15.3 | 169.3 |
Other operating costs | 89.6 | 10.2 | 99.8 |
1 Non-current assets for this purpose consist of property and equipment, right-of-use assets and longer-term prepayments.
| 2026 | 2025 | |
| 52 weeks | 52 weeks | |
| £m | £m | |
Drink sales | 321.6 | 305.5 |
Food sales | 151.5 | 146.3 |
Accommodation sales | 32.2 | 30.8 |
Total revenue from contracts with customers | 505.3 | 482.6 |
Other income 1 | 2.9 | 3.2 |
Total revenue recognised | 508.2 | 485.8 |
| 2026 | 2025 | |
| 52 weeks | 52 weeks | |
| £m | £m | |
Changes in inventories of finished goods and raw materials | (0.3) | (0.1) |
Raw materials, consumables and finished goods used | 105.6 | 102.7 |
Employment costs (note 8(a)) | 181.6 | 169.3 |
Depreciation of properties (note 17) | 35.0 | 33.1 |
Depreciation of right-of-use assets (note 19) | 8.9 | 9.1 |
Expense relating to short-term, low value or variable rent payments (note 27) | 0.6 | 0.5 |
Other operating costs | 105.5 | 99.8 |
436.9 | 414.4 | |
Auditor's remuneration in respect of audit of the consolidated financial statements 1 | 1.2 | 1.4 |
Auditor's remuneration in respect of other non-audit services | 0.8 | – |
139Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
Group Financial Statements
8. Employment
| 2026 | 2025 | |
| 52 weeks | 52 weeks | |
| £m | £m | |
Wages and salaries | 160.4 | 153.7 |
Social security | 17.9 | 12.3 |
Pension and health care schemes | 3.3 | 3.1 |
Share based payments | – | 0.2 |
Employment costs | 181.6 | 169.3 |
(b) Directors’ emoluments
| Total | Total | |||||||
| Basic | Basic | excluding | excluding | |||||
| salary | salary | pension | pension | |||||
and fees 1 | and fees 1 | Benefits 2 | Benefits 2 | Bonus 3 | Bonus 3 | costs | costs | |
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
| 52 weeks | 52 weeks | 52 weeks | 52 weeks | 52 weeks | 52 weeks | 52 weeks | 52 weeks | |
| £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | |
Simon Dodd | 525 | 504 | 3 | 9 | 636 | 280 | 1,164 | 793 |
Mike Owen | 366 | 363 | 12 | 6 | 445 | 196 | 823 | 565 |
Tracy Dodd | 246 | 241 | 7 | 4 | 239 | 114 | 492 | 359 |
Steve Cooke | 140 | 109 | – | – | – | – | 140 | 109 |
Torquil Sligo-Young | 51 | 50 | 2 | 2 | – | – | 53 | 52 |
Aisling Meany | 56 | 55 | – | – | – | – | 56 | 55 |
Ian Dyson | 59 | 29 | – | – | – | – | 59 | 29 |
John Dunsmore 4 | 38 | – | – | – | – | – | 38 | – |
Nick Miller 5 | 16 | 55 | – | 2 | – | – | 16 | 55 |
Sarah Sergeant 6 | 51 | 50 | – | 6 | – | – | 51 | 50 |
Total | 1,548 | 1,456 | 24 | 29 | 1,320 | 590 | 2,892 | 2,067 |
1 Certain car-related benefits can be taken as benefits in kind, in cash or as a combination of the two. Where any cash is taken, that sum is included
with the amounts shown in the ‘Basic salary and fees’ columns.
2 These relate to cars and/or private medical insurance.
3 For FY26, the remuneration committee determined that performance related bonuses were payable, at 124%, 124% and 99% of maximum to
Simon Dodd, Mike Owen and Tracy Dodd respectively, pursuant to the bonus award letters issued in respect of FY26. For FY25, the remuneration
committee determined that performance-related bonuses were payable, at 45%, 45%, 48.5% and 48.5% of maximum to Simon Dodd, Mike Owen
and Tracy Dodd respectively, pursuant to the bonus award letters issued in respect of FY25.
4 John Dunsmore was appointed to the board on 9 July 2025.
5 Nick Miller stepped down from the board on 9 July 2025.
6 Sarah Sergeant stepped down from the board on 31 March 2026.
(c) Retirement benefits
Notes to the consolidated financial statements continued
For the 52 weeks ended 30 March 2026
Group Financial Statements
140 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
Post-retirement health care
The company bears the cost of post-retirement health care premia for certain employees and ex-employees (see note 26).
| Gains made | |||||||||
| At | At | Exercise | Ordinarily | Ordinarily | on exercise | ||||
| 31 March | 30 March | price (pence | exercisable | exercisable | of share | ||||
2025 | Granted | Exercised | Lapsed | 2026 | per share) 1 | from | to | options (£) | |
Simon Dodd | 1,530 | – | – | (1,530) | – | 1,176 | 01.02.25 | 31.07.25 | – |
2,402 | – | – | (2,402) | – | 772 | 01.02.28 | 31.07.28 | – | |
– | 3,006 | – | – | 3,006 | 607 | 01.02.29 | 31.07.29 | – | |
Tracy Dodd | 1,530 | – | – | (1,530) | – | 1,176 | 01.02.25 | 31.07.25 | – |
2,402 | – | – | (2,402) | – | 772 | 01.02.28 | 31.07.28 | – | |
– | 3,006 | – | – | 3,006 | 607 | 01.02.29 | 31.07.29 | – | |
Mike Owen | 1,530 | – | – | (1,530) | – | 1,176 | 01.02.25 | 31.07.25 | – |
2,402 | – | – | (2,402) | – | 772 | 01.02.28 | 31.07.28 | – | |
– | 3,006 | – | – | 3,006 | 607 | 01.02.29 | 31.07.29 | – |
| Gains made | |||||||||
| At | At | Exercise | Ordinarily | Ordinarily | on exercise | ||||
| 1 April | 31 March | price (pence | exercisable | exercisable | of share | ||||
2024 | Granted | Exercised | Lapsed | 2025 | per share) 1 | from | to | options (£) | |
Simon Dodd | 1,530 | – | – | – | 1,530 | 1,176 | 01.02.25 | 31.07.25 | – |
– | 2,402 | – | – | 2,402 | 772 | 01.02.28 | 31.07.28 | – | |
Tracy Dodd | 1,530 | – | – | – | 1,530 | 1,176 | 01.02.25 | 31.07.25 | – |
– | 2,402 | – | – | 2,402 | 772 | 01.02.28 | 31.07.28 | – | |
Mike Owen | 1,530 | – | – | – | 1,530 | 1,176 | 01.02.25 | 31.07.25 | – |
– | 2,402 | – | – | 2,402 | 772 | 01.02.28 | 31.07.28 | – | |
Mark Loughborough 2 | 765 | – | – | (765) | – | 1,176 | 01.02.25 | 31.07.25 | – |
847 | 847 | – | (847) | – | 876 | 01.02.27 | 31.07.27 | – |
141Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
Group Financial Statements
9. Adjusting items
During the period the cash flow impact of adjusting items was £nil (2025: £4.6 million), of which £1.1 million inflow related to
investing activities and £1.1 million outflow related to operating activities (2025: £9.1 million and £4.5 million respectively).
| 2026 | 2025 | |
| 52 weeks | 52 weeks | |
| £m | £m | |
| Amounts included in operating profit: | ||
Upward movement on the revaluation of properties (note 17) 1 | 6.2 | 3.8 |
Downward movement on the revaluation of properties (note 17) 1 | (13.9) | (25.6) |
LSE Main Market Admission Fees 2 | (2.4) | – |
Impairment loss 3 | (1.9) | (8.7) |
Net loss on disposal of properties 4 | (0.5) | (0.3) |
Restructuring costs 5 | (0.1) | (3.2) |
Purchase costs 6 | (0.1) | – |
Tenant compensation 7 | (0.1) | – |
Impairment reversal 8 | 0.8 | – |
Purchase costs – City Pub Group 9 | – | (0.9) |
Integration costs – City Pub Group 10 | – | (0.3) |
Gain on disposal of subsidiary 11 | – | 1.7 |
(12.0) | (33.5) | |
| Tax on adjusting items: | ||
Tax attributable to adjusting items | – | 5.1 |
– | 5.1 | |
Total adjusting items after tax | (12.0) | (28.4) |
1 The movement on the revaluation of properties is a non-cash item that relates to the revaluation exercise that was completed at the period end date.
The revaluation was conducted at an individual pub level and identified an upward movement of £6.2 million (2025: £3.8 million) representing
reversals of previous impairments recognised in the income statement, and a downward movement of £13.9 million (2025: £25.6 million),
representing downward movements in excess of amounts recognised in equity. These resulted in a net downward movement of £7.7 million
(2025: a net downward movement of £21.8 million) which has been recognised in the income statement. The downward movement for the period
ended 30 March 2026 was split between land and buildings and assets held for sale of £7.7 million (2025: £21.8 million downward) and fixtures
and fittings of £nil (2025: £nil). See note 5 for segmental information and note 17 for information on the revaluation of properties.
2 LSE Main Market Admission fees related to the fees incurred up to the balance sheet date in relation to the move from AIM to the Main Market.
3 Impairment losses of £0.6 million were recognised in relation to investment properties and £1.3 million to right-of-use assets (2025: £0.5 million
for investment properties and £8.2 million in relation to right-of-use assets). See notes 18 and 19.
4 The net loss on disposal of properties related to the difference between cash less disposal costs received from the sale of the Chapel 1877 (Cardiff)
and an unlicensed property at the Bell Hotel (Stow-on-the-Wold), and the carrying value of their assets, at the date of disposal. The total cash
consideration received for these disposals was £1.1 million. In addition, the net loss on disposal of properties related to the difference between the
value of right-of-use assets and lease liabilities of the leases of the Hollow Bottom (Guiting Power) and Kings House (Chelsea) (notes 19 and 27),
the disposal of fixture and fittings for the Alban’s Well (St Albans) that transferred from a managed property to a tenanted property, and the loss on
reclassification of two properties to asset held for sale (note 22).
In the prior period, the net loss on disposal of properties related to the difference between cash less disposal costs received from the Plough
(Beddington), Clock House (East Dulwich), Angel & Greyhound (Oxford), Dolphin (Betchworth), Wild Duck (near Cirencester), Tavern (Cheltenham),
White Hart (Littleton-on-Severn) and an unlicensed property (Greenford), and the carrying value of their assets, at the date of disposal. The total cash
consideration received for these disposals was £6.8 million.
5 Restructuring costs of £0.1 million related to severance costs. In the prior period restructuring costs related to severance costs paid to employees
of City Pub Group.
6 Purchase costs related to professional fees and stamp duty land tax arising on the acquisition of the freehold of the Queen of the South (Norwood).
7 Tenant compensation was paid to the previous tenants of the Clapham North (Clapham) to terminate their lease agreement early.
8 An impairment reversal was recognised in relation to right-of-use assets (2025: £nil). See note 19.
9 In the prior period, the purchase costs related to the acquisition of City Pub Group.
10 In the prior period, the integration costs related to the integration of City Pub Group, to align with the rest of the group’s operations to achieve
common synergies.
11 In the prior period, the gain on disposal of a subsidiary relates to the difference between the consideration received and the assets and liabilities
disposed of as part of the disposal of the 53% shareholding in The Pioneer (City) Pub Company Limited. It also includes the derecognition of
the non-controlling interest in this subsidiary at the date of disposal.
Notes to the consolidated financial statements continued
For the 52 weeks ended 30 March 2026
Group Financial Statements
142 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
10. Other financial measures
The table below shows how adjusted group EBITDA, operating profit and profit before tax have been arrived at. They exclude
adjusting items which, in management’s view due to their material or non-recurring nature, do not form part of the group’s underlying
operations. These alternative performance measures have been provided to help investors assess the group’s underlying performance.
Details of the adjusting items can be seen in note 9.
| 2026 | 2025 | |||||
| 52 weeks | 52 weeks | |||||
| Adjusting | Adjusting | |||||
| Unadjusted | items | Adjusted | Unadjusted | items | Adjusted | |
| £m | £m | £m | £m | £m | £m | |
EBITDA | 110.9 | 4.3 1 | 115.2 | 101.9 | 11.7 1 | 113.6 |
Depreciation and net movement on the revaluation of properties 2 | (51.6) | 7.7 | (43.9) | (64.0) | 21.8 | (42.2) |
Operating profit | 59.3 | 12.0 | 71.3 | 37.9 | 33.5 | (71.4) |
Finance costs | (18.0) | – | (18.0) | (19.9) | – | (19.9) |
Finance (charge)/income for pension obligations | (0.2) | – | (0.2) | 0.1 | – | 0.1 |
Profit before tax | 41.1 | 12.0 | 53.1 | 18.1 | 33.5 | 51.6 |
1 Included within adjusting items of £4.3 million (2025: £11.7 million) is an impairment loss of £1.9 million (2025: £8.7 million) and an impairment
reversal of £0.8 million (2025: £nil). See note 9.
2 Included within the unadjusted depreciation is the net movement on the revaluation of properties of £7.7 million (2025: £21.8 million) recognised in
adjusting items, depreciation of property and equipment of £35.0 million (2025: £33.1 million), and depreciation of right-of-use assets of £8.9 million
(2025: £9.1 million). See notes 9, 17 and 19.
During the period, £143.9 million (2025: £138.3 million) of adjusted EBITDA related to managed houses and £0.1 million
(2025: £0.4 million) related to tenanted houses. Adjusted negative EBITDA of £28.8 million (2025: negative £25.1 million) related
to head office costs and was unallocated.
| 2026 | 2025 | |
| 52 weeks | 52 weeks | |
| £m | £m | |
Post-IFRS 16 EBITDA | 115.2 | 113.6 |
Payments of lease liabilities (note 27) | (10.2) | (10.3) |
Pre-IFRS 16 EBITDA | 105.0 | 103.3 |
| 2026 | 2025 | |
| 52 weeks | 52 weeks | |
| £m | £m | |
Interest on bank loans and overdrafts | 14.1 | 15.8 |
Interest on lease liabilities (note 27) | 3.9 | 4.1 |
18.0 | 19.9 |
143Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
Group Financial Statements
| 2026 | 2025 | |
| 52 weeks | 52 weeks | |
| Tax charged in the group income statement | £m | £m |
| Current income tax | ||
Current tax expense | 11.2 | 9.5 |
Adjustment in respect of current income tax of prior periods | 0.1 | 0.3 |
11.3 | 9.8 | |
| Deferred tax | ||
Relating to origin and reversal of temporary differences | 1.3 | (1.2) |
Adjustment in respect of deferred tax of prior periods | 0.4 | (0.5) |
1.7 | (1.7) | |
Income tax charged in the income statement | 13.0 | 8.1 |
| 2026 | 2025 | |
| 52 weeks | 52 weeks | |
| Deferred tax in the group income statement | £m | £m |
Property revaluation and disposals | (1.8) | (4.6) |
Capital allowances | 1.4 | 1.3 |
Retirement benefit schemes | 0.5 | 0.6 |
Share based payments | 0.3 | – |
Trade losses | 1.6 | 1.0 |
Capital losses | (0.3) | – |
Deferred tax charged/(credited) in the income statement | 1.7 | (1.7) |
| Deferred tax in the group statement of other comprehensive income | ||
Property revaluation and disposals | 6.3 | 2.7 |
Retirement benefit schemes | 0.2 | (1.2) |
Interest rate swaps – cash flow hedge | (0.1) | (0.5) |
Deferred tax charged to other comprehensive income | 6.4 | 1.0 |
| 2026 | 2025 | |
| 52 weeks | 52 weeks | |
| £m | £m | |
Accounting profit before income tax | 41.1 | 18.1 |
At the group’s statutory income tax rate of 25% (2025: 25%) | 10.3 | 4.5 |
| Tax effects of: | ||
Expenses not deductible for tax purposes 1 | 2.2 | 3.8 |
Prior period adjustment – current tax | 0.4 | 0.3 |
Prior period adjustment – deferred tax | 0.1 | (0.5) |
Total tax expense | 13.0 | 8.1 |
Notes to the consolidated financial statements continued
For the 52 weeks ended 30 March 2026
Group Financial Statements
144 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
13. Business combinations and asset acquisitions
In the current period, the group acquired the freehold interest of the Queen of the South (Norwood) as an asset acquisition, for a total
cash consideration of £1.7 million.
In the prior period, the group acquired an unlicensed property (Wandsworth) as an asset acquisition for a total cash consideration of
£0.4 million, and a previously held leasehold property for a total cash consideration of £0.1 million.
14. Dividends on equity shares
| 2026 | 2025 | |||
| Pence per | Pence per | 2026 | 2025 | |
| share | share | £m | £m | |
Final dividend paid (previous period) | 11.53 | 10.88 | 7.2 | 6.8 |
Interim dividend paid (current period) | 12.22 | 11.53 | 7.5 | 7.2 |
23.75 | 22.41 | 14.7 | 14.0 |
The table above sets out dividends that have been paid. In addition, the board is proposing a final dividend in respect of the period
ended 30 March 2026 of 12.22 pence per share at an expected cost of £7.5 million. If approved, it is expected to be paid on 15 July
2026 to shareholders who are on the register of members at the close of business on 5 June 2026.
15. Earnings per ordinary share
(a) Weighted average number of shares
| 2026 | 2025 | |
| Number | Number | |
Basic weighted average number of ordinary shares in issue | 61,962,259 | 62,096,842 |
Dilutive potential ordinary shares from employee share options | 52,429 | 20,349 |
Diluted weighted average number of shares | 62,014,688 | 62,117,191 |
(b) Earnings attributable to the shareholders of the parent company
| 2026 | 2025 | |
| 52 weeks | 52 weeks | |
| £m | £m | |
Profit for the period | 28.0 | 10.0 |
Adjusting items | 12.0 | 33.5 |
Tax attributable to above adjustments | – | (5.1) |
Adjusted earnings after tax | 40.0 | 38.4 |
Basic earnings per share
Pence | Pence | |
Basic | 45.19 | 16.10 |
Effect of adjusting items | 19.37 | 45.74 |
Adjusted basic earnings per share | 64.56 | 61.84 |
Diluted earnings per share
Pence | Pence | |
Diluted | 45.15 | 16.10 |
Effect of adjusting items | 19.35 | 45.72 |
Adjusted diluted earnings per share | 64.50 | 61.82 |
The basic earnings per share figure is calculated by dividing the net profit for the period attributable to equity shareholders of the
parent by the weighted average number of ordinary shares in issue during the period.
Diluted earnings per share have been calculated on a similar basis taking into account 52,429 (2025: 20,349) dilutive potential shares
under the SAYE and LTIP schemes (see notes 8(e) and 29).
Adjusted earnings per share are presented to eliminate the effect of the adjusting items and the tax attributable to those items on basic
and diluted earnings per share.
145Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
Group Financial Statements
| 2026 | 2025 | |
| £m | £m | |
Managed houses | 77.1 | 77.1 |
At 30 March 2026 | 77.1 | 77.1 |
| £m | |
| Cost | |
At 1 April 2024 | 81.3 |
Acquisitions | – |
Disposals 1 | (0.3) |
At 31 March 2025 | 81.0 |
Acquisitions | – |
At 30 March 2026 | 81.0 |
| Impairments | |
At 1 April 2024 | 3.9 |
Impairment | – |
At 31 March 2025 | 3.9 |
Impairment | – |
At 30 March 2026 | 3.9 |
| Carrying amount | |
At 1 April 2024 | 77.4 |
At 31 March 2025 | 77.1 |
At 30 March 2026 | 77.1 |
Notes to the consolidated financial statements continued
For the 52 weeks ended 30 March 2026
Group Financial Statements
146 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
17. Property and equipment
| Fixtures, | |||
| Land & | fittings & | ||
| buildings | equipment | Total | |
| Cost or valuation | £m | £m | £m |
At 1 April 2024 | 953.3 | 202.3 | 1,155.6 |
Additions | 8.3 | 38.7 | 47.0 |
Disposals | (7.9) | (1.4) | (9.3) |
Transfer from right-of-use assets 1 | 3.2 | 0.4 | 3.6 |
Fully depreciated assets | (0.7) | (23.5) | (24.2) |
Revaluation 2 | |||
– upward movement in valuation | 41.2 | – | 41.2 |
– downward movement in valuation | (27.4) | – | (27.4) |
At 31 March 2025 | 970.0 | 216.5 | 1,186.5 |
Additions | 5.4 | 29.0 | 34.4 |
Disposals | (1.2) | (1.2) | (2.4) |
Transfer out to assets held for sale | (2.2) | (0.8) | (3.0) |
Fully depreciated assets | – | (23.2) | (23.2) |
Revaluation 2 | |||
– upward movement in valuation | 34.3 | – | 34.3 |
– downward movement in valuation | (13.7) | – | (13.7) |
At 30 March 2026 | 992.6 | 220.3 | 1,212.9 |
| Depreciation and impairment | |||
At 1 April 2024 | 39.1 | 79.6 | 118.7 |
Depreciation charge | 1.8 | 31.3 | 33.1 |
Disposals | (3.9) | (0.5) | (4.4) |
Fully depreciated assets | (0.7) | (23.5) | (24.2) |
Revaluation 2 | |||
– upward movement in valuation | (4.4) | – | (4.4) |
– downward movement in valuation | 25.6 | – | 25.6 |
At 31 March 2025 | 57.5 | 86.9 | 144.4 |
Depreciation charge | 1.8 | 33.2 | 35.0 |
Disposals | (0.3) | (0.6) | (0.9) |
Transfer out to assets held for sale | (0.2) | (0.3) | (0.5) |
Fully depreciated assets | – | (23.2) | (23.2) |
Revaluation 2 | |||
– upward movement in valuation | (6.7) | – | (6.7) |
– downward movement in valuation | 13.2 | – | 13.2 |
At 30 March 2026 | 65.3 | 96.0 | 161.3 |
| Net book value | |||
At 1 April 2024 | 914.2 | 122.7 | 1,036.9 |
At 31 March 2025 | 912.5 | 129.6 | 1,042.1 |
At 30 March 2026 | 927.3 | 124.3 | 1,051.6 |
1 During the prior period the group acquired the freehold interest in the Stag (Belsize Park), which was previously acquired as a leasehold.
2 The group’s net book value uplift during the period was £14.1 million (2025: an impairment of £7.4 million). This uplift (2025: impairment) was
recognised either in the revaluation reserve or the income statement, as appropriate.
147Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
Group Financial Statements
17. Property and equipment continued
The impact of the property revaluation exercise was as follows:
| Group | ||
| 2026 | 2025 | |
| £m | £m | |
| Income statement | ||
Revaluation loss charged as impairment | (13.2) | (25.6) |
Reversal of past impairment | 6.2 | 3.8 |
Net impairment recognised in the income statement | (7.0) | (21.8) |
| Revaluation reserve | ||
Unrealised revaluation surplus | 34.8 | 41.8 |
Reversal of past surplus | (13.7) | (27.4) |
Net uplift recognised in the revaluation reserve | 21.1 | 14.4 |
Net revaluation increase/(decrease) in property | 14.1 | (7.4) |
(a) Revaluation of property and equipment
During the year, the group appointed CBRE as its independent external valuer for the annual valuation of its property portfolio.
This appointment replaces Savills, which had acted as the group’s external valuer for the preceding 10 years. The change was made
as part of the group’s planned rotational review of professional advisers and in order to ensure continued best practice, independence
and alignment with the RICS Valuation – Professional Standards January 2014 (Revised April 2015) (“the Red Book”).
CBRE is an independent firm of chartered surveyors with appropriate professional qualifications and relevant experience in valuing
properties of the nature and location held by the group. Management is satisfied that the valuer has acted independently and
objectively and that the valuation methodology and assumptions applied are consistent with prior years.
The change of valuer did not result in a change to the valuation methodology, key assumptions, or the classification of assets under
IFRS. Management has assessed whether any indication of valuation bias or inconsistency has arisen from the change of valuer and
has concluded that the results remain appropriate and reliable for the purposes of financial reporting.
The valuation is based on information such as current and historical levels of turnover, gross profit, wages and overheads and resultant
EBITDA. The valuers then apply a multiplier to the EBITDA based upon the relative risks associated with the trading format, tenure and
property. In a number of cases, the value of the property derived purely from an income approach understates the underlying property
value. In these cases the valuers apply a spot value to the property rather than a value derived from a multiple applied to the income.
For a small number of properties, a net investment yield valuation approach is considered most appropriate based upon the nature
of site operations.
A spot valuation reflects the value of the property if it were to be sold in an open market. A spot valuation is applied when historic
EBITDA would underrepresent the underlying property value. This largely relates to recent closures for major refurbishments,
and recent or current underperformers.
The inputs used in applying a spot value include surrounding residential values, the approximate capital value per sq. ft., and any
evidence of sale of vacant public houses. The valuer will also consider current projected trade for the next three years.
These techniques are consistent with the principles in IFRS 13 Fair Value Measurement and use significant unobservable inputs
such that the fair value measurement of each property within the portfolio has been classified as Level 3 (2025: Level 3) in the fair
value hierarchy.
In certain circumstances, the highest and best use of a property may differ from current use, and instead a spot valuation is applied.
At the period end date, 52 (2025: 47) properties were valued using a spot valuation. None (2025: none) of these properties were
acquisitions from the last 12 months and, therefore, held at acquisition value, 1 (2025: 8) property was closed for major refurbishment
during the period, and the remaining 51 (2025: 39) were properties showing recent or current underperformance. 9 (2025: 12)
properties, which were previously valued using a spot valuation, were moved to an EBITDA valuation, and 12 (2025: 7) properties,
which were previously valued using an EBITDA valuation, were moved to a spot valuation due to the factors outlined above.
The significant unobservable inputs used under the EBITDA valuation approach are EBITDA and the multiple applied. These have been
quantified below. Typically smaller sites are at the lower end of the range of multiples applied, and pubs with rooms are at the higher
end of the range.
Notes to the consolidated financial statements continued
For the 52 weeks ended 30 March 2026
Group Financial Statements
148 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
| EBITDA multiple range | Weighted | |||||
| average | Value | |||||
| Number | EBITDA | of properties | ||||
2026 | Tenure | Low | High | of pubs | £m | £m |
Managed houses | Freehold | 7.5 | 9.0 | 56 | 0.8 | 362.6 |
Managed houses | Freehold | 9.5 | 11.0 | 87 | 0.5 | 446.5 |
Managed houses | Freehold | 11.5 | 12.0 | 5 | 0.9 | 51.1 |
Managed houses | Freehold | Spot | Spot | 46 | 140.3 | |
Tenanted houses | Freehold | Spot | Spot | 1 | 4.7 | |
Segment total | 195 | 1,005.2 | ||||
Leasehold properties | 75 | 36.7 | ||||
Unallocated 1 | – | 9.7 | ||||
Total net book value at 30 March 2026 | 270 | 1,051.6 |
1 Included within unallocated are unlicensed properties and Copper House.
| EBITDA multiple range | Weighted | |||||
| average | Value | |||||
| Number | EBITDA | of properties | ||||
2025 | Tenure | Low | High | of pubs | £m | £m |
Managed houses | Freehold | 7.5 | 9.0 | 65 | 0.7 | 384.3 |
Managed houses | Freehold | 9.5 | 11.0 | 79 | 0.5 | 405.8 |
Managed houses | Freehold | 12.0 | 13.0 | 7 | 0.9 | 73.1 |
Managed houses | Freehold | Spot | Spot | 45 | 122.6 | |
Tenanted houses | Freehold | Spot | Spot | 2 | 8.2 | |
Segment total | 198 | 994.0 | ||||
Leasehold properties | 77 | 38.2 | ||||
Unallocated 1 | – | 9.9 | ||||
Total net book value at 31 March 2025 | 275 | 1,042.1 |
1 Included within unallocated are unlicensed properties and Copper House.
The leasehold property assets comprise leasehold improvements, and fixtures, fittings and equipment within those sites. They are
measured at cost on recognition and stated as such less any accumulated depreciation. ‘Unallocated’ assets comprise any unlicensed
properties, including a small number of residential flats. The majority of this category is valued under the net investment yield
valuation approach.
A sensitivity analysis was conducted on the property estate valued using an EBITDA valuation approach to give an indication of
the impact of movements in the most sensitive assumptions, EBITDA and the multiple applied. The analysis considers this single
change with the other assumptions unchanged. In practice, changes in one assumption may be accompanied by changes in another.
Changes in market values may also occur at the same time as any changes in assumptions. This information should not be taken
as a projection of likely future valuation movements. Changes in the EBITDA or the multiple could materially impact the overall fair
value measurement. Sensitivities to changes in these key unobservable inputs are disclosed below:
EBITDA | Multiple | |||
| +10% | -10% | +1.0 | -1.0 | |
| 2026 | £m | £m | £m | £m |
EBITDA valuation | 85.9 | (85.9) | 90.8 | (90.8) |
| 2025 | ||||
EBITDA valuation | 86.2 | (86.2) | 91.0 | (91.0) |
| Price per sq. ft. | ||
| +10% | -10% | |
| 2026 | £m | £m |
Spot valuation | 15.2 | (15.2) |
| 2025 | ||
Spot valuation | 13.5 | (13.5) |
149Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
Group Financial Statements
17. Property and equipment continued
If, at 30 March 2026, the property estate was carried at historical cost less accumulated depreciation and impairment losses, its carrying
amount would be approximately £683.0 million (2025: £697.6 million).
The revaluation surplus represents the amount by which the fair value of the estate exceeds its historic cost.
(b) Disaggregation of property and equipment
The table below sets out the disaggregation of property and equipment between pubs used by the group and pubs leased to tenants.
| Used by group | Leased to | Total | |
| Land & buildings | £m | tenants £m | £m |
At 1 April 2024 | 905.7 | 8.5 | 914.2 |
Additions, disposals and transfers | 4.3 | 3.2 | 7.5 |
Depreciation charge | (1.8) | – | (1.8) |
Revaluation | (7.2) | (0.2) | (7.4) |
At 31 March 2025 | 901.0 | 11.5 | 912.5 |
Additions, disposals and transfers | 9.3 | (6.8) | 2.5 |
Depreciation charge | (1.8) | – | (1.8) |
Revaluation | 14.3 | (0.2) | 14.1 |
At 30 March 2026 | 922.8 | 4.5 | 927.3 |
| Used by group | Leased to | Total | |
| Fixtures, fittings & equipment | £m | tenants £m | £m |
At 1 April 2024 | 122.4 | 0.3 | 122.7 |
Additions, disposals and transfers | 37.8 | 0.4 | 38.2 |
Depreciation charge | (31.2) | (0.1) | (31.3) |
At 31 March 2025 | 129.0 | 0.6 | 129.6 |
Additions, disposals and transfers | 28.1 | (0.2) | 27.9 |
Depreciation charge | (33.0) | (0.2) | (33.2) |
At 30 March 2026 | 124.1 | 0.2 | 124.3 |
| 2026 | 2025 | |
| £m | £m | |
| Capital commitments not provided for in these financial statements | ||
and for which contracts have been placed | 0.6 | 0.3 |
18. Investment properties
| 2026 | 205 | |
| £m | £m | |
At 31 March 2025 | 3.8 | 4.3 |
Revaluations | (0.6) | (0.5) |
At 30 March 2026 | 3.2 | 3.8 |
The group’s investment properties consist of one site on Bateman Street (Soho). As at 30 March 2026, the fair value of the property
was based on a valuation provided by CBRE, and at 31 March 2025 the fair value of the property has been based on a valuation
provided by Savills. Both CBRE and Savills are independent property advisors. The change was made as part of the group’s planned
rotational review of professional advisors (see note 17). CBRE have used an investment method of valuation for this site, capitalising the
current rent of £0.2 million per annum at a net initial yield (NIY) of 6.6%. This value represents the site’s highest and best use.
| 2026 | 2025 | |
| 52 weeks | 52 weeks | |
| £m | £m | |
Rental income derived from investment properties | 0.2 | 0.3 |
Notes to the consolidated financial statements continued
For the 52 weeks ended 30 March 2026
Group Financial Statements
150 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
A sensitivity analysis was conducted to give an indication of the impact of movements in the most sensitive assumptions, the current
rent and the net initial yield. The analysis considers this single change with other assumptions unchanged. This information should
not be taken as a projection of likely future valuation movements. Sensitivities to changes in these key unobservable inputs are
disclosed below:
Rent | NIY | |||
| +10% | -10% | +0.5 | -0.5 | |
| 2026 | £m | £m | £m | £m |
Investment properties | 0.3 | (0.3) | (0.2) | 0.3 |
| 2025 | ||||
Investment properties | 0.1 | (0.1) | (0.3) | 0.3 |
| Property | Motor vehicles | Total | |
| £m | £m | £m | |
At 1 April 2024 | 182.3 | 0.9 | 183.2 |
Additions | 0.2 | 0.4 | 0.6 |
Lease amendments | 2.5 | – | 2.5 |
Impairments | (8.2) | – | (8.2) |
Lease terminations | (3.5) | – | (3.5) |
Transfer out of right-of-use assets | (3.6) | – | (3.6) |
Depreciation | (8.7) | (0.4) | (9.1) |
At 31 March 2025 | 161.0 | 0.9 | 161.9 |
Additions | 1.0 | 0.2 | 1.2 |
Lease amendments | 0.9 | – | 0.9 |
Impairments losses | (1.3) | – | (1.3) |
Impairment reversals | 0.8 | – | 0.8 |
Lease terminations | (0.8) | – | (0.8) |
Depreciation | (8.5) | (0.4) | (8.9) |
At 30 March 2026 | 153.1 | 0.7 | 153.8 |
151Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
Group Financial Statements
20. Inventories
| 2026 | 2025 | |
| £m | £m | |
Finished goods and raw materials | 6.9 | 6.6 |
| 2026 | 2025 | |
| £m | £m | |
| Non-current assets | ||
Prepayments | 1.0 | 0.9 |
1.0 | 0.9 | |
| Current assets | ||
Trade receivables | 0.8 | 4.3 |
Prepayments and other receivables | 10.1 | 8.3 |
10.9 | 12.6 | |
Total trade and other receivables | 11.9 | 13.5 |
| 2026 | 2025 | |
| £m | £m | |
Opening balance | 0.1 | 0.1 |
Amounts written off | – | – |
Closing balance | 0.1 | 0.1 |
| Neither past | ||||||
| due nor | <31 | 31–60 | 61–90 | 91+ | ||
| impaired | days | days | days | days | ||
| £m | £m | £m | £m | £m | ||
2026 | 0.9 | – | 0.3 | 0.1 | – | 0.5 |
Percentage loss rate | 0% | 11% | 10% | 11% | 11% | |
Expected lifetime credit loss | 0.1 | – | – | – | – | 0.1 |
2025 | 4.4 | 2.6 | 0.5 | 0.3 | 0.3 | 0.7 |
Percentage loss rate | 2% | 1% | 1% | 1% | 1% | |
Expected lifetime credit loss | 0.1 | 0.1 | – | – | – | – |
| 2026 | 2025 | |
| £m | £m | |
Property and equipment | 3.3 | – |
Property held for sale | 3.3 | – |
Notes to the consolidated financial statements continued
For the 52 weeks ended 30 March 2026
Group Financial Statements
152 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
| 2026 | 2025 | |
| £m | £m | |
Trade payables | 21.8 | 18.9 |
Other tax and social security | 12.3 | 13.8 |
Other creditors | 10.8 | 10.9 |
Accruals | 15.5 | 15.6 |
Deferred income | 4.1 | 3.7 |
Other financial liabilities 1 | 4.1 | – |
68.6 | 62.9 |
153Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
Group Financial Statements
24. Capital management and financial instruments continued
| 2026 | 2025 | |
| £m | £m | |
Current assets | 0.3 | 1.1 |
Non-current assets | 0.5 | – |
Non-current liabilities | – | (0.1) |
Total financial assets | 0.8 | 1.0 |
Net movement of interest rate swaps recognised in other comprehensive income | (0.2) | (1.7) |
| Effective | Variable | Fair | Book | |||
| interest | interest | value | value | |||
| Term or | rate when | rate when | Period | 2026 | 2026 | |
| 2026 | expiry date | hedged | unhedged 1 | rate fixed | £m | £m |
| Secured | ||||||
£25 million loan swapped into fixed rate | May 2027 | 4.61% | S+1.85% | 2 years | 25.0 | 25.0 |
£25 million loan swapped into fixed rate | May 2027 | 4.62% | S+1.85% | 2 years | 24.9 | 25.0 |
£105 million loan swapped into fixed rate 2 | Nov 2030 | 5.92% | S+2.00% | 5 years | 104.3 | 105.0 |
£35 million private placement at fixed rate 3 | July 2039 | Fixed | Fixed | 14 years | 30.0 | 35.0 |
£120 million revolving credit facility 4 | Nov 2030 | Variable | S+1.75% | None | 17.0 | 17.0 |
£40 million working capital facility | N/A | Variable | Variable | None | 27.5 | 27.5 |
Financial liabilities | 228.7 | 234.5 |
| At | At | |||||
| 1 April | Gain/(loss) | Gain/(loss) | 30 March | |||
| Nominal | 2025 | OCI | P&L | 2026 | ||
| Hedge | amount | Maturity | £m | £m | £m | £m |
£25 million loan swapped into fixed rate | £25m | May 2025 | 0.2 | (0.2) | – | – |
£25 million loan swapped into fixed rate | £25m | May 2026 | 0.3 | (0.2) | – | 0.1 |
£25 million loan swapped into fixed rate | £25m | May 2025 | 0.1 | (0.1) | – | – |
£25 million loan swapped into fixed rate | £25m | May 2026 | 0.3 | (0.2) | – | 0.1 |
£55 million loan swapped into fixed rate | £55m | Nov 2028 | 0.1 | 0.2 | – | 0.3 |
£55 million loan swapped into fixed rate | £55m | Nov 2028 | – | 0.3 | – | 0.3 |
1.0 | (0.2) | – | 0.8 |
Notes to the consolidated financial statements continued
For the 52 weeks ended 30 March 2026
Group Financial Statements
154 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
| 2026 | |
| £m | |
Current borrowings | 34.2 |
Non-current borrowings | 198.1 |
| 232.3 | |
Unsecured current lease liabilities | 6.4 |
Unsecured non-current lease liabilities | 76.4 |
Financial liabilities | 315.1 |
| Effective | Variable | Fair | Book | |||
| interest | interest | value | value | |||
| Term or | rate when | rate when | Period | 2025 | 2025 | |
| 2025 | expiry date | hedged | unhedged 1 | rate fixed | £m | £m |
| Secured | ||||||
£20 million loan variable rate | Nov 2025 | Variable | S+2.00% | 1 year | 20.0 | 20.0 |
£25 million loan swapped into fixed rate | May 2027 | 2.55% | S+2.35% | 3 years | 24.5 | 25.0 |
£25 million loan swapped into fixed rate | May 2027 | 2.55% | S+2.35% | 3 years | 24.5 | 25.0 |
£110 million loan swapped into fixed rate 2 | Nov 2029 | 6.42% | S+2.50% | 5 years | 110.0 | 110.0 |
£35 million private placement at fixed rate 3 | July 2039 | Fixed | Fixed | 15 years | 31.2 | 35.0 |
£120 million revolving credit facility 4 | Nov 2029 | Variable | S+2.25% | None | 40.0 | 40.0 |
Financial liabilities | 250.2 | 255.0 |
| At | ||||||
| At | Gain/(loss) | Gain/(loss) | 31 March | |||
| Nominal | 1 April 2024 | OCI | P&L | 2025 | ||
| Hedge | amount | Maturity | £m | £m | £m | £m |
£10 million loan swapped into fixed rate | £10m | May 2024 | 0.1 | – | (0.1) | – |
£10 million loan swapped into fixed rate | £10m | May 2024 | 0.1 | – | (0.1) | – |
£25 million loan swapped into fixed rate | £25m | May 2025 | 1.3 | (1.1) | – | 0.2 |
£25 million loan swapped into fixed rate | £25m | May 2026 | 0.2 | 0.1 | – | 0.3 |
£25 million loan swapped into fixed rate | £25m | May 2025 | 1.2 | (1.1) | – | 0.1 |
£25 million loan swapped into fixed rate | £25m | May 2026 | 0.2 | 0.1 | – | 0.3 |
£55 million loan swapped into fixed rate | £55m | Nov 2028 | (0.1) | 0.2 | – | 0.1 |
£55 million loan swapped into fixed rate | £55m | Nov 2028 | (0.1) | 0.1 | – | – |
2.9 | (1.7) | (0.2) | 1.0 |
| 2025 | |
| £m | |
Current borrowings | 20.0 |
Non-current borrowings | 232.5 |
| 252.5 | |
Unsecured current lease liabilities | 6.3 |
Unsecured non-current lease liabilities | 81.7 |
Financial liabilities | 340.5 |
155Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
Group Financial Statements
24. Capital management and financial instruments continued
| Between | Between | |||||
| Within | one and | two and | After | |||
| one year | two years | five years | five years | Total | Book value | |
| 2026 | £m | £m | £m | £m | £m | £m |
Borrowings 1 | 56.9 | 60.7 | 99.9 | 45.4 | 262.9 | 232.3 |
Derivative financial instruments | 4.3 | 3.8 | 2.4 | – | 10.5 | (0.8) |
Lease liabilities | 10.0 | 9.3 | 23.5 | 83.7 | 126.5 | 82.8 |
Trade and other payables | 64.5 | – | – | – | 64.5 | 64.5 |
135.7 | 73.8 | 125.8 | 129.1 | 464.4 | 378.8 |
Notes to the consolidated financial statements continued
For the 52 weeks ended 30 March 2026
Group Financial Statements
156 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
| Between | Between | |||||
| Within | one and | two and | After | |||
| one year | two years | five years | five years | Total | Book value | |
| 2025 | £m | £m | £m | £m | £m | £m |
Borrowings 1 | 28.1 | 5.1 | 210.2 | 46.6 | 290.0 | 252.5 |
Derivative financial instruments | 5.4 | 4.3 | 6.2 | – | 15.9 | (1.0) |
Lease liabilities | 10.1 | 9.4 | 24.8 | 91.0 | 135.3 | 88.0 |
Trade and other payables | 59.2 | – | – | – | 59.2 | 59.2 |
102.8 | 18.8 | 241.2 | 137.6 | 500.4 | 398.7 |
| Fair value | Level 1 | Level 2 | Level 3 | |
| 2026 | 2026 | 2026 | 2026 | |
| £m | £m | £m | £m | |
| Interest rate swaps | ||||
Financial assets at fair value | 0.8 | – | 0.8 | – |
Financial liabilities at fair value | – | – | – | – |
0.8 | – | – | – |
| Fair value | Level 1 | Level 2 | Level 3 | |
| 2025 | 2025 | 2025 | 2025 | |
| £m | £m | £m | £m | |
| Interest rate swaps | ||||
Financial assets at fair value | 1.1 | – | 1.1 | – |
Financial liabilities at fair value | (0.1) | – | (0.1) | – |
1.0 | – | 1.0 | – |
| At | At | |||||
| 31 March | Business | 30 March | ||||
| 2025 | Additions | combinations | Cash flows | Other 1 | 2026 | |
| £m | £m | £m | £m | £m | £m | |
Bank loans | 252.5 | – | – | (21.2) | 1.0 | 232.3 |
Lease liabilities | 88.0 | 1.2 | – | (10.2) | 3.8 | 82.8 |
Other financial liabilities | – | 4.1 | – | – | – | 4.1 |
Interest payable 2 | 1.0 | – | – | (0.5) | – | 0.5 |
Derivative financial instruments | (1.0) | – | – | – | 0.2 | (0.8) |
Total net liabilities from financing activities | 340.5 | 5.3 | – | (31.9) | 5.0 | 318.9 |
157Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
Group Financial Statements
24. Capital management and financial instruments continued
| At | ||||||
| At | Business | 31 March | ||||
| 1 April 2024 | Additions | combinations | Cash flows | Other 1 | 2025 | |
| £m | £m | £m | £m | £m | £m | |
Bank loans | 284.8 | – | – | (33.0) | 0.7 | 252.5 |
Lease liabilities | 91.8 | 0.6 | – | (10.3) | 5.9 | 88.0 |
Interest payable 2 | 1.0 | – | – | – | – | 1.0 |
Derivative financial instruments | (2.9) | – | – | – | 1.9 | (1.0) |
Total net liabilities from financing activities | 374.7 | 0.6 | – | (43.3) | 8.5 | 340.5 |
| 2026 | 2025 | |
| Deferred tax assets | £m | £m |
Capital losses | 0.9 | 0.7 |
Retirement benefit schemes | 0.4 | 1.1 |
Tax losses | 0.7 | 2.2 |
Shared based payments | – | 0.3 |
Deferred tax assets | 2.0 | 4.3 |
| Deferred tax liabilities | ||
Rolled over gains and property revaluations | (135.4) | (130.9) |
Accelerated capital allowance | (3.3) | (1.9) |
Interest rate swaps – cash flow hedge | (0.2) | (0.3) |
Deferred tax liabilities | (138.9) | (133.1) |
Net deferred tax liabilities | (136.9) | (128.8) |
| 2026 | 2025 | |
| 52 weeks | 52 weeks | |
| £m | £m | |
Opening balance | (128.8) | (129.9) |
Tax (charge)/credit in the income statement | (1.3) | 1.2 |
Tax charge in the statement of comprehensive income | (6.4) | (1.0) |
Adjustment in respect of deferred tax of prior periods in the income statement | (0.4) | 0.5 |
Derecognised on disposal | – | 0.5 |
Charged directly to equity | – | (0.1) |
Closing balance | (136.9) | (128.8) |
Notes to the consolidated financial statements continued
For the 52 weeks ended 30 March 2026
Group Financial Statements
158 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
26. Retirement benefit schemes
The company operates one defined benefit pension scheme, namely the Young & Co.’s Brewery, P.L.C. Pension Scheme, a defined
contribution pension scheme and a post-retirement health care scheme. The defined benefit scheme is closed to new entrants.
The aggregate contribution to the defined contribution scheme was £2.2 million (2025: £2.3 million) which is recognised as an
expense in the income statement.
Independent, professionally qualified actuarial advice is sought to determine the liabilities arising from the defined benefit scheme,
using the projected unit credit method. The scheme is formally valued every three years. The obligations under the scheme consist
mainly of a final salary scheme which provides members with benefits based on length of service and salary.
Through its defined benefit scheme and post-retirement health care scheme, the group is exposed to a number of risks. For details
of the principal risks and uncertainties, see page 62.
The employer contribution to the defined benefit scheme for the period ended 30 March 2026 was £2.0 million of which £1.9 million
were special contributions (2025: £2.1 million of which £1.9 million were special contributions) plus premiums of £0.2 million
(2025: £0.2 million) to the post-retirement health care scheme. The Actuarial 2023 triennial Valuation of the Scheme as at 6 April
2023 revealed a funding shortfall of £18.8 million. To eliminate this funding shortfall, the Trustee and the group have agreed that
additional contributions of £0.7 million will be paid to the Scheme annually from April 2024 to December 2035, resulting in total
special contributions of £1.9 million per year. The total contributions to the post-retirement health care scheme in the 2026 financial
period are expected to be £0.2 million (2025: £0.2 million).
Future employee contribution rates are projected to be between 8% and 11% of pensionable earnings. Future employer contribution
rates are projected to be 18% of pensionable earnings.
Financial assumptions
Pension | Health care | |||
| 2026 | 2025 | 2026 | 2025 | |
| % | % | % | % | |
Discount rate | 6.25 | 5.75 | 6.25 | 5.75 |
Inflation | 3.30 | 3.15 | N/A | N/A |
Rate of increase in salaries | 2.50 | 2.50 | N/A | N/A |
Discretionary pension increases | 3.30 | 3.15 | N/A | N/A |
Rate of revaluation of deferred pensions | 2.90 | 2.75 | N/A | N/A |
General medical expenses inflation | N/A | N/A | 6.00 | 7.00 |
Mortality assumptions
The life expectancies underlying the valuation are as follows:
| 2026 | 2025 | |
| Years | Years | |
Current pensioners (at age 65) – males | 21.6 | 21.3 |
Current pensioners (at age 65) – females | 23.9 | 23.8 |
Future pensioners (at age 65) – males | 22.9 | 22.6 |
Future pensioners (at age 65) – females | 25.3 | 25.2 |
At the period end date, the average age of current pensioners was 78 years (2025: 77 years) and for future pensioners was 60 years
(2025: 59 years).
The weighted average duration of liabilities for the current period was 11 years (2025: 12 years).
A one percentage point change in the assumed rate of increase in health care costs would have the following effects:
| Increase | Decrease | |
| £m | £m | |
Effect on the aggregate service cost and interest cost | – | – |
Effect on the defined benefit obligation | 0.1 | (0.1) |
159Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
Group Financial Statements
26. Retirement benefit schemes continued
Assumption | Change in assumption | Impact on scheme liabilities |
Discount rate | Increase/decrease by 0.5% | Decrease by 4.3%/increase by 4.6% |
Rate of inflation | Increase/decrease by 0.5% | Increase by 3.7%/decrease by 3.7% |
Rate of increase in salary | Increase/decrease by 0.5% | Increase/decrease by nil |
Discretionary pension increases | Increase/decrease by 0.5% | Increase by 1.7%/decrease by 1.6% |
Rate of revaluation of deferred pensions | Increase/decrease by 0.5% | Increase by 0.7%/decrease by 0.7% |
Life expectations | Increase/decrease by 1 year | Increase by 4.0%/decrease by 4.1% |
Pension scheme and health care scheme assets and liabilities
| Assets and liabilities | ||
| 2026 | 2025 | |
| £m | £m | |
Equities | 29.8 | 25.4 |
Buy & Maintain Credit Fund | 10.0 | 11.5 |
Liability Driven Investment and Asset-Backed Securities | 29.0 | 30.6 |
Insured pensions | 6.1 | 6.0 |
Other | 2.6 | 0.6 |
Total fair value of assets | 77.5 | 74.1 |
Present value of retirement benefit liabilities | (78.2) | (78.6) |
(0.7) | (4.5) | |
IFRIC 14 adjustment | (0.2) | – |
Net scheme deficit | (0.9) | (4.5) |
The pension scheme assets include some of the company’s A shares with a fair value of £2.5 million (2025: £2.5 million). There are no
property assets of the scheme occupied by the company.
Of the above assets, £39.8 million (2025: £36.9 million) are quoted securities.
The recoverable surplus on the Young & Co.’s Brewery, P.L.C. scheme has been recognised in line with the annual refunds expected
from the scheme and the residual surplus recognised net of applicable UK taxes. The pension scheme was in a deficit position of
£0.7 million at 30 March 2026 (2025: deficit of £4.3 million), of which a recoverable surplus of £nil (2025: £nil) is recognised on
the balance sheet.
The Young & Co.’s Brewery P.L.C. Pension Scheme moved into an IAS 19 surplus position during 2022. The group has an
unconditional right to a refund of the surplus (net of withholding taxes) assuming the gradual settlement of the liabilities over time
and therefore no additional minimum funding requirement has been recognised.
Movement within the schemes in the period
(a) Changes in the present value of the schemes are as follows:
| 2026 | 2025 | |||||
| Pension | Health care | Pension | Health care | |||
| scheme | scheme | Total | scheme | scheme | Total | |
| £m | £m | £m | £m | £m | £m | |
Opening (deficit)/surplus | (2.6) | (1.7) | (4.3) | 2.4 | (1.7) | 0.7 |
Current service cost | (0.1) | – | (0.1) | (0.1) | – | (0.1) |
Contributions | 2.0 | 0.2 | 2.2 | 2.1 | 0.2 | 2.3 |
Other finance (charge)/income | (0.1) | (0.1) | (0.2) | 0.2 | (0.1) | 0.1 |
Remeasurement through other comprehensive income | 1.6 | 0.1 | 1.7 | (7.2) | (0.1) | (7.3) |
0.8 | (1.5) | (0.7) | (2.6) | (1.7) | (4.3) | |
IFRIC 14 adjustment | (0.2) | – | (0.2) | – | – | – |
Closing surplus/(deficit) | 0.6 | (1.5) | (0.9) | (2.6) | (1.7) | (4.3) |
Notes to the consolidated financial statements continued
For the 52 weeks ended 30 March 2026
Group Financial Statements
160 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
(b) Recognised in the income statement
| 2026 | 2025 | |||||
| Pension | Health care | Pension | Health care | |||
| scheme | scheme | Total | scheme | scheme | Total | |
| £m | £m | £m | £m | £m | £m | |
| Current service cost included | ||||||
in operating costs | (0.1) | – | (0.1) | (0.1) | – | (0.1) |
Net interest income | – | (0.2) | (0.2) | 0.2 | (0.1) | 0.1 |
(c) Recognised in the statement of comprehensive income
| 2026 | 2025 | |||||
| Pension | Health care | Pension | Health care | |||
| scheme | scheme | Total | scheme | scheme | Total | |
| 52 weeks | 52 weeks | 52 weeks | 52 weeks | 52 weeks | 52 weeks | |
| £m | £m | £m | £m | £m | £m | |
Actual return less expected return on plan assets | 1.0 | – | 1.0 | (9.9) | – | (9.9) |
| Experience gains arising on the schemes' | ||||||
liabilities | (1.6) | – | (1.6) | (6.0) | (0.2) | (6.2) |
| Changes in demographic assumptions | ||||||
underlying the schemes’ liabilities | (0.7) | – | (0.7) | 0.2 | – | 0.2 |
| Changes in financial assumptions underlying | ||||||
the schemes' liabilities | 2.8 | 0.2 | 3.0 | 8.6 | – | 8.6 |
1.5 | 0.2 | 1.7 | (7.1) | (0.2) | (7.3) | |
IFRIC 14 adjustment | (0.2) | – | (0.2) | – | – | – |
Net remeasurement recognised | 1.3 | 0.2 | 1.5 | (7.1) | (0.2) | (7.3) |
(d) Movements in the present value of schemes’ obligations during the period
| 2026 | 2025 | |||||
| Pension | Health care | Pension | Health care | |||
| scheme | scheme | Total | scheme | scheme | Total | |
| £m | £m | £m | £m | £m | £m | |
Opening defined benefit obligations | 76.8 | 1.8 | 78.6 | 80.1 | 1.7 | 81.8 |
Current service cost | 0.1 | – | 0.1 | 0.1 | – | 0.1 |
Interest on obligations | 4.2 | 0.2 | 4.4 | 3.8 | 0.1 | 3.9 |
Contributions by schemes' members | 0.1 | – | 0.1 | 0.1 | – | 0.1 |
Remeasurement of obligations | (0.5) | (0.2) | (0.7) | (2.7) | 0.1 | (2.6) |
Benefits paid | (4.0) | (0.2) | (4.2) | (4.6) | (0.1) | (4.7) |
Present value of schemes' liabilities | 76.7 | 1.6 | 78.3 | 76.8 | 1.8 | 78.6 |
| 2026 | 2025 | |||||
| Pension | Health care | Pension | Health care | |||
| scheme | scheme | Total | scheme | scheme | Total | |
| £m | £m | £m | £m | £m | £m | |
Opening fair value of schemes' assets | 74.2 | 0.1 | 74.3 | 82.5 | – | 82.5 |
| Return on schemes' assets (less amounts | ||||||
included in the net interest expense) | 4.2 | – | 4.2 | 4.0 | – | 4.0 |
Actuarial losses on plan assets | 1.0 | – | 1.0 | (9.9) | – | (9.9) |
Contributions by employer | 2.0 | 0.2 | 2.2 | 2.1 | 0.2 | 2.3 |
Contributions by schemes' members | 0.1 | – | 0.1 | 0.1 | – | 0.1 |
Benefits paid | (4.0) | (0.2) | (4.2) | (4.6) | (0.1) | (4.7) |
Fair value of schemes' assets | 77.5 | 0.1 | 77.6 | 74.2 | 0.1 | 74.3 |
161Young & Co.’s Brewery, P.L.C.
|
Annual Report 2026
Group Financial Statements
26. Retirement benefit schemes continued
27. Lease liabilities
(a) Group as lessee
At inception, the group has lease contracts for various items of property and vehicles used in its operations. Leases of property generally
have lease terms between 20 and 999 years, while motor vehicles generally have lease terms between 3 and 5 years.
There are several lease contracts that include extension and termination options and variable lease payments, which are further
discussed below.
Set out below are the carrying amounts of lease liabilities and the movements during the period:
| Group | |
| £m | |
At 1 April 2024 | 91.8 |
Additions | 0.6 |
Lease amendments | 2.5 |
Accretions of interest | 4.1 |
Payments | (10.3) |
Lease terminations | (0.7) |
At 31 March 2025 | 88.0 |
Current | 6.3 |
Non-current | 81.7 |
At 31 March 2025 | 88.0 |
Additions | 1.2 |
Lease amendments | 0.9 |
Accretions of interest | 3.9 |
Payments | (10.2) |
Lease terminations | (1.0) |
At 30 March 2026 | 82.8 |
Current | 6.4 |
Non-current | 76.4 |
Note 24(c) summarises the maturity profile of the group’s lease liability based on contractual undiscounted payments.
The following amounts have been recognised in the income statement:
| 2026 | 2025 | |
| 52 weeks | 52 weeks | |
| £m | £m | |
Depreciation expense of right-of-use assets (note 19) | 8.8 | 9.1 |
Interest expense on lease liabilities (note 11) | 3.9 | 4.1 |
Expense relating to short-term leases and low-value assets | 0.2 | 0.2 |
Variable lease payments | 0.4 | 0.3 |
Total amount recognised in the income statement | 13.3 | 13.7 |
During the current period, the group had total cash outflows for leases of £10.8 million (2025: £10.8 million). The group also had cash
additions to right-of-use assets relating to direct costs in acquiring leases of £nil (2025: £nil), in addition to £1.2 million of non-cash
additions to both right-of-use assets and lease liabilities (2025: £0.6 million to both right-of-use assets and lease liabilities).
Notes to the consolidated financial statements continued
For the 52 weeks ended 30 March 2026
Group Financial Statements
162 Young & Co.’s Brewery, P.L.C.
|
Annual Report 2026
The group has lease contracts for properties that contain variable payments based on turnover levels achieved. The following provides
information on the group’s variable lease payments, including the magnitude in relation to fixed payments:
| Group | |||
| Fixed | Variable | Total | |
| payments | payments | payments | |
| 52 weeks | 52 weeks | 52 weeks | |
| 2026 | £m | £m | £m |
Fixed rent | 9.0 | – | 9.0 |
Variable rent with minimum payment | 1.2 | – | 1.2 |
Variable rent only | – | 0.4 | 0.4 |
10.2 | 0.4 | 10.6 |
| Group | |||
| Fixed | Variable | Total | |
| payments | payments | payments | |
| 52 weeks | 52 weeks | 52 weeks | |
| 2025 | £m | £m | £m |
Fixed rent | 9.1 | – | 9.1 |
Variable rent with minimum payment | 1.1 | – | 1.1 |
Variable rent only | – | 0.3 | 0.3 |
10.2 | 0.3 | 10.5 |
The group has several lease contracts that include termination options. These options are negotiated by management to provide
flexibility in managing the leased-asset portfolio and align with the group’s business needs. As at 30 March 2026 the group was not
expecting to exercise any lease termination options.
(b) Group as lessor
During the period, the group received lease income from tenants outside of the managed segment, which were designated as
operating leases. The following amounts have been recognised in the income statement in the current and prior period:
| 2026 | 2025 | |
| 52 weeks | 52 weeks | |
| £m | £m | |
Lease income | 0.2 | 0.4 |
Total lease income | 0.2 | 0.4 |
All lease income is fixed rent. Other revenue received within the tenanted houses operating segment was generated from sales of drink
and accounted for under IFRS 15 Revenue from contracts with customers.
| Two to | |||||||
| Within one | One to two | three | Three to | Four to five | More than | ||
| year | years | years | four years | years | five years | Total | |
| 2026 | £m | £m | £m | £m | £m | £m | £m |
Undiscounted lease income | 0.3 | 0.2 | 0.1 | 0.1 | 0.1 | 0.8 | 1.6 |
| Within one | One to two Two to three | Three to | Four to five | More than | |||
| year | years | years | four years | years | five years | Total | |
| 2025 | £m | £m | £m | £m | £m | £m | £m |
Undiscounted lease income | 0.4 | 0.3 | 0.2 | 0.1 | 0.1 | 2.1 | 3.2 |
163Young & Co.’s Brewery, P.L.C.
|
Annual Report 2026
Group Financial Statements
28. Share capital and reserves
| 2026 | 2026 | 2025 | 2025 | |
| Shares | £m | Shares | £m | |
Issued and fully paid shares – 12.5p each Opening balance | 62,096,842 | 7.8 | 62,096,842 | 7.8 |
Cancellation of shares | (975,027) | (0.1) | – | – |
Closing balance | 61,121,815 | 7.7 | 62,096,842 | 7.8 |
29. Share awards
The group operated three types of share based payment arrangements during the period ended 30 March 2026: an executive
director/senior management employee deferred annual bonus (‘DAB’) scheme; a long term incentive plan (‘LTIP’); and a Save-As-You-
Earn (‘SAYE’) scheme.
(a) DAB scheme
This scheme is designed to incentivise the executive directors to deliver long-term superior shareholder returns by deferring
a proportion of their annual bonus into A shares which are subject to a holding period.
Following the introduction of the LTIP scheme in 2022 the rules of the DAB scheme were amended to remove the matching share
element. Since then, the DAB scheme has operated as an annual bonus scheme, which requires executive directors to defer up to 25%
of their annual bonus (net of tax, duties or social security contributions) subject to certain thresholds being met. During the prior period,
Mike Owen and Simon Dodd were required to defer 25% of their annual bonus and Tracy Dodd was required to defer 25% of her
annual bonus (all net of tax, duties or social security contributions) into shares which are subject to a holding period of three years.
The following table summarises, at 31 March 2025 and 30 March 2026, the outstanding entitlements to A shares under the DAB
scheme of the directors who served during the period ended 30 March 2026. All shares listed in the table are registered in the
relevant individual’s name. In total, nil A shares were awarded during the period.
The charge to the income statement in the current and prior periods was £nil.
Notes to the consolidated financial statements continued
For the 52 weeks ended 30 March 2026
Group Financial Statements
164 Young & Co.’s Brewery, P.L.C.
|
Annual Report 2026
| Restrictions | ||||||
| ceased | Issue | |||||
| At | Awarded | to apply | At | price | ||
| Date | 31 March | during the | during the | 30 March | (pence | |
| of award | 2025 | period | period | 2026 | per share) | |
Tracy Dodd | May 2022 | 2,080 | – | (2,080) | – | 1,304.0 |
May 2023 | 1,115 | – | – | 1,115 | 1,180.0 | |
May 2024 | 372 | – | – | 372 | 952.0 | |
Simon Dodd | May 2022 | 2,276 | – | (2,276) | – | 1,304.0 |
May 2023 | 1,378 | – | – | 1,378 | 1,180.0 | |
May 2024 | 325 | – | – | 325 | 952.0 | |
Mike Owen | May 2022 | 3,605 | – | (3,605) | – | 1,304.0 |
May 2023 | 1,176 | – | – | 1,176 | 1,180.0 | |
May 2024 | 231 | – | – | 231 | 952.0 |
(b) LTIP
In order to incentivise and retain executive directors and other senior management employees, the company adopted the LTIP during
the prior period. The LTIP is designed to align remuneration with both the company’s long-term financial performance and the interests
of shareholders.
The LTIP enables the company to make awards of shares to selected employees which then vest at a later date, subject to the
achievement of specified performance or other conditions determined by the remuneration committee at the time of grant, with the
performance conditions to be satisfied over a specified performance period. Any employee (including an executive director) of the
group may be selected to participate in the LTIP. Awards may be granted under the LTIP in the form of nil cost options over the
company’s ordinary shares. Participants are not required to make any payment in exchange for the grant of an award under the LTIP.
LTIP awards were granted in the form of nil cost options on A shares where no monetary consideration is given. The awards are
subject to performance conditions which are based: (1) two-thirds on the extent to which the company’s adjusted earnings per share in
respect of the financial year ended on or around the vesting date exceed the same measure for the financial period of the grant date;
and (2) one-third on total shareholder return (TSR) relative to a comparator group of the company’s peers. The awards will vest and
become exercisable subject to continued employment with the company and the extent to which performance conditions are met.
A summary of the awards issued are as follows:
| Adjusted EPS comparative | ||||
Date of grant | Number of shares | Initial adjusted EPS period | period | Vesting date |
29.06.22 | 122,721 | 28.03.22 | 31.03.25 | 29.06.25 |
29.06.23 | 121,850 | 29.03.23 | 30.03.26 | 29.06.26 |
10.07.24 | 162,968 | 01.04.24 | 29.03.27 | 10.07.27 |
25.06.25 | 317,837 | 31.03.25 | 28.03.28 | 25.06.28 |
The awards granted during the period to the executive directors were equivalent to 100% of basic salary for Simon Dodd and Mike
Owen, and 75% of basic salary for Tracy Dodd.
165Young & Co.’s Brewery, P.L.C.
|
Annual Report 2026
Group Financial Statements
29. Share awards continued
Outstanding LTIP share awards for the current executive directors at 31 March 2025 and 30 March 2026 were as follows:
| At | Granted | Lapsed | At | Share price | Date from | ||||
| Date | 31 March | during | during | 30 March | on date | Exercise | which | Expiry | |
| of award | 2025 | the period | the period | 2026 | of award | price | exercisable | date | |
Simon Dodd | 29.06.22 | 15,127 | – | (15,127) | – | 1,140p | 0p | 29.06.25 | 28.06.32 |
29.06.23 | 36,597 | – | – | 36,597 | 1,215p | 0p | 29.06.26 | 28.06.33 | |
10.07.24 | 51,282 | – | – | 51,282 | 975p | 0p | 10.07.27 | 09.07.34 | |
25.06.25 | – | 80,078 | – | 80,078 | 960p | 0p | 25.06.28 | 24.06.35 | |
Mike Owen | 29.06.22 | 25,548 | – | (25,548) | – | 1,140p | 0p | 29.06.25 | 28.06.32 |
29.06.23 | 26,090 | – | – | 26,090 | 1,215p | 0p | 29.06.26 | 28.06.33 | |
10.07.24 | 35,897 | – | – | 35,897 | 975p | 0p | 10.07.27 | 09.07.34 | |
25.06.25 | – | 56,054 | – | 56,054 | 960p | 0p | 25.06.28 | 24.06.35 | |
Tracy Dodd | 29.06.22 | 13,823 | – | (13,823) | – | 1,140p | 0p | 29.06.25 | 28.06.32 |
29.06.23 | 14,116 | – | – | 14,116 | 1,215p | 0p | 29.06.26 | 28.06.33 | |
10.07.24 | – | – | – | 18,144 | 975p | 0p | 10.07.27 | 09.07.34 | |
25.06.25 | – | 31,480 | – | 31,480 | 960p | 0p | 25.06.28 | 24.06.35 |
The following table summarises the outstanding entitlements to A shares under the LTIP:
| LTIP | |
| Number | |
At 1 April 2024 | 213,901 |
Granted | 162,968 |
Exercised | – |
Lapsed | (32,227) |
At 31 March 2025 | 344,642 |
Granted | 317,837 |
Exercised | – |
Lapsed | (146,605) |
At 30 March 2026 | 515,874 |
The fair value of the share options was estimated at the grant date based on the performance conditions in place. One-third of the
award is subject to a market based performance condition, and the probability of meeting this performance condition has been
incorporated into the calculation of the estimated fair value at the grant date using a Monte Carlo valuation model. Two-thirds of the
award are subject to a non-market based performance condition. This portion of the award has been valued at the market price of
shares at the grant date of 960 pence per share (2025: 975 pence per share). The company has made an estimate of the likelihood
of meeting this performance condition and incorporated this into the number of awards expected to vest. This estimate will be updated
at each reporting date.
Valuation assumptions
The following information is relevant in the determination of the fair value of share options granted during the year under the
equity-settled LTIP scheme operated by the group:
| 2026 | 2025 | |
| LTIP – TSR | LTIP – TSR | |
| portion | portion | |
Valuation model used | Monte Carlo | Monte Carlo |
Fair values at the measurement date (pence) | 766.0 | 860.0 |
Dividend yield (%) | nil | nil |
Expected volatility (%) | 28.6 | 42.2 |
Risk-free interest rate (%) | 3.7 | 5.4 |
Expected life of share options (years) | 3 | 3 |
Weighted average share price (pence) | 879.0 | 933.0 |
The expected volatility reflects the assumption that the company’s daily historical volatility over a three year period prior to the date
of grant is indicative of expected future volatility.
Notes to the consolidated financial statements continued
For the 52 weeks ended 30 March 2026
Group Financial Statements
166 Young & Co.’s Brewery, P.L.C.
|
Annual Report 2026
The share based payment expense related to LTIP recognised during the period is shown in the following table:
| 2026 | 2025 | |
| £m | £m | |
Expense arising from equity-settled share based payment transactions | – | 0.2 |
There were no cancellations or modifications to the awards during the period.
(c) SAYE scheme
This scheme enables all eligible employees, including executive directors, to acquire options over the company’s A shares. The options
can be granted at a discount of up to 20% of the market price of an A share at the time invitations to join the scheme for the relevant
year are issued, with the proceeds of a related SAYE savings contract then being used to acquire shares at a later date, if the option
holders choose to do so. All employees who have worked for the minimum qualifying period on an invitation date are eligible to
join the scheme. Options granted under the scheme are not subject to performance conditions other than continued employment.
These options are all equity-settled.
| Exercised | Weighted | |||||||
| At 31 March | Granted during | Grant price | Lapsed during | during the | Exercised price | average share | At 30 March | |
| 2025 | the period | per share | the period | period 1 | per share | price | 2026 | |
2022 plan | 28,512 | – | 1,176p | (28,512) | – | – | – | – |
2023 plan | 40,773 | – | 931p | (14,612) | – | – | – | 26,161 |
2024 plan | 65,102 | – | 8769 | (22,035) | – | – | – | 43,067 |
2025 plan | 127,784 | – | 772p | (64,914) | – | – | – | 62,870 |
2026 plan | – | 169,526 | 607p | (3,907) | – | – | – | 165,619 |
262,171 | 169,526 | – | (133,980) | – | – | – | 297,717 |
| Exercised | Weighted | |||||||
| At 1 April | Granted during | Grant price | Lapsed during | during the | Exercised price | average share | At 31 March | |
| 2024 | the period | per share | the period | period 1 | per share | price | 2025 | |
2022 plan | 42,401 | – | 1,176p | (13,889) | – | – | – | 28,512 |
2023 plan | 73,858 | – | 931p | (33,085) | – | – | – | 40,773 |
2024 plan | 121,061 | – | 876p | (55,959) | – | – | – | 65,102 |
2025 plan | – | 140,130 | 772p | (12,346) | – | – | – | 127,784 |
237,320 | 140,130 | – | (115,279) | – | – | – | 262,171 |
1 The options that were exercised (and in respect of which new shares were issued) resulted in an increase in share capital of £nil (2025: £nil) and
an increase in share premium of £nil (2025: £nil).
A charge of £nil (2025: £nil), valued using the Black-Scholes option pricing model, was made to the group and company income
statements in respect of these options in the period.
The cumulative fair value of the share options outstanding at 30 March 2026 was £nil (2025: £0.2 million).
Valuation assumptions
Assumptions used in the Black-Scholes model to determine the fair value of share options at grant date for the period ending
30 March 2026 were as follows:
| Group and company | ||||
2026 plan | 2025 plan | 2024 plan | 2023 plan | |
Share price at grant date (pence) | 759.0 | 965.0 | 1,095.0 | 1,164.0 |
Exercise price (pence) | 607.0 | 772.0 | 876.0 | 931.0 |
Expected volatility (%) | 26.8 | 35.3 | 36.9 | 53.3 |
Option life (years) | 3 | 3 | 3 | 3 |
Expected dividends (expressed as dividend yield %) | 3.2 | 3.0 | 2.2 | 1.9 |
Risk-free interest rate (%) | 4.4 | 4.0 | 4.3 | 3.1 |
Probability of forfeiture (%) | 30.0 | 65.0 | 80.0 | 95.0 |
Volatility is based on the standard deviation of an A share of Young & Co.’s Brewery, P.L.C. over the three years prior to the grant date,
adjusted for management’s view of future volatility of share price. The assumed volatility may not necessarily be the actual outcome.
167Young & Co.’s Brewery, P.L.C.
|
Annual Report 2026
Group Financial Statements
30. Non-controlling interests
Set out below is the financial information for the non-controlling interests of the group. At the period end date, the group held a 69%
(2025: 61%) shareholding in The Sovereign (City) Pub Company Limited and The Galaxy (City) Pub Company Limited.
| 2026 | 2025 | |
| 52 weeks | 52 weeks | |
| Income statement | £m | £m |
Revenue | 6.9 | 8.2 |
Profit for the period | 0.2 | 0.5 |
Profit allocated to non-controlling interests | 0.1 | 0.2 |
Other comprehensive income | 0.7 | 0.1 |
| 2026 | 2025 | |
| Balance sheet | £m | £m |
Current assets | 0.1 | 0.3 |
Current liabilities | (1.4) | (1.5) |
Current net assets | (1.3) | (1.2) |
Non-current assets | 12.3 | 9.7 |
Non-current liabilities | (0.7) | (1.9) |
Non-current net assets | 11.6 | 7.8 |
Net assets | 10.3 | 6.5 |
Accumulated non-controlling interests | 3.0 | 2.6 |
| 2026 | 2025 | |
| 52 weeks | 52 weeks | |
| Cash flows | £m | £m |
Cash flows from operating activities | 0.6 | 0.4 |
Cash flows from investing activities | (0.4) | (0.3) |
Cash flows from financing activities | (0.4) | (0.1) |
Net decrease in cash and cash equivalents | (0.2) | – |
During the period, the group increased its shareholding in The Sovereign (City) Pub Company Limited and The Galaxy (City)
Pub Company Limited from 61% to 69%, resulting in a further reduction to the non-controlling interest balance of £0.4 million.
During the prior period, the group increased its shareholding from 53% to 61%, resulting in a reduction to the non-controlling interest
balance of £0.8 million.
During the prior period, the group disposed of its 53% shareholding in The Pioneer (City) Pub Company Limited, which resulted in
a reduction to the non-controlling interest balance of £0.6 million.
Notes to the consolidated financial statements continued
For the 52 weeks ended 30 March 2026
Group Financial Statements
168 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
| 2026 | 2025 | |
| 52 weeks | 52 weeks | |
| £m | £m | |
Profit before tax | 41.1 | 18.1 |
Net finance cost | 18.0 | 19.9 |
Finance charge for pension obligations | 0.2 | (0.1) |
Operating profit | 59.3 | 37.9 |
Depreciation of property and equipment | 35.0 | 33.1 |
Movement on revaluation of properties | 7.7 | 21.8 |
Depreciation of right-of-use assets | 8.9 | 9.1 |
Net impairment of goodwill, right-of-use assets and investment properties | 1.1 | 8.7 |
Net loss on disposal of properties | 0.5 | 0.3 |
Net gain on disposal of subsidiaries | – | (1.7) |
Difference between pension service cost and cash contributions paid | (2.0) | (2.2) |
Share based payments | – | (0.2) |
| Movements in working capital | ||
– Inventories | (0.3) | (0.1) |
– Receivables | 1.6 | 1.7 |
– Payables | 2.1 | (4.6) |
Net cash generated from operations | 113.9 | 103.8 |
169Young & Co.’s Brewery, P.L.C.
|
Annual Report 2026
Group Financial Statements
32. Net cash generated from operations and analysis of net debt continued
| 2026 | 2025 | |
| £m | £m | |
Cash | 8.1 | 7.5 |
Bank overdrafts | – | (3.3) |
Net cash | 8.1 | 4.2 |
Current borrowings and loan capital | (34.2) | (20.0) |
Non-current borrowings and loan capital | (198.1) | (232.5) |
Net debt (pre-IFRS 16) | (224.2) | (248.3) |
Current lease liability | (6.4) | (6.3) |
Non-current lease liability | (76.4) | (81.7) |
Net debt | (307.0) | (336.3) |
33. Post balance sheet events
On 7 April 2026, the group signed terms to refinance a £50 million term loan that was due to be repaid in May 2027. At the balance
sheet date this facility was classified as non-current.
On 14 April 2026, the group disposed of the Petersfield (Cambridge) for a total cash consideration of £0.7 million, which was classified
as held for sale at the current reporting period end date.
On 22 April 2026, the group completed the purchase of 100% of the share capital of Carpenter Holdco Limited who operate 8
leasehold pubs in London (“Cubitt House”), for a purchase price of £29.4 million. The assets acquired primarily relate to right-of-use
assets and associated property assets. The purchase has been treated as an asset purchase based on a concentration test performed by
management in line with IFRS 3 Business Combinations.
On 28 April 2026, the group’s shares were admitted to the Main Market of the London Stock Exchange having previously been listed
on AIM.
As at 15 May 2026, the company has repurchased an additional 332,550 non-voting shares for a total consideration of £2.2 million.
The shares have subsequently been cancelled.
Notes to the consolidated financial statements continued
For the 52 weeks ended 30 March 2026
Group Financial Statements
170 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
Company balance sheet
At 30 March 2026
Notes
2026
£m
2025
£m
Non-current assets
Goodwill 4 29.3 29.3
Property and equipment 5 911.4 902.4
Right-of-use assets 6 125.1 130.0
Investment in subsidiaries 7 158.0 158.0
Derivative financial instruments 0.5 –
Retirement benefit schemes 0.6 –
Trade and other receivables 9 0.7 27.2
1,225.6 1,246.9
Current assets
Inventories 8 6.1 5.7
Trade and other receivables 9 37.8 10.1
Derivative financial instruments 0.3 1.1
Cash 7.5 7.2
51.7 24.1
Asset held for sale 10 1.6 –
53.3 24.1
Total assets 1,278.9 1,271.0
Current liabilities
Borrowings (34.2) (20.0)
Bank overdrafts – (3.3)
Lease liabilities 12 (4.6) (4.4)
Income tax payable (1.6) (0.1)
Trade and other payables 11 (78.0) (65.6)
(118.4) (93.4)
Non-current liabilities
Borrowings (198.1) (232.5)
Lease liabilities 12 (62.1) (65.2)
Derivative financial instruments – (0.1)
Deferred tax liabilities 13 (116.8) (109.7)
Retirement benefit schemes (1.5) (4.3)
(378.5) (411.8)
Total liabilities (496.9) (505.2)
Net assets 782.0 765.8
Capital and reserves
Share capital 7.7 7.8
Share premium 7.8 7.8
Other reserves 28.1 38.0
Hedging reserve 1.1 1.2
Revaluation reserve 287.2 274.7
Retained earnings 450.1 436.3
Total equity 782.0 765.8
As permitted by section 408(3) of the Companies Act 2006, the income statement of the company is not presented. The company’s
profit after tax for the period was £27.2 million (2025: £14.1 million).
Approved by the board of directors and signed on its behalf by:
Simon Dodd Michael Owen
Chief Executive Officer Chief Financial Officer
20 May 2026
Young & Co.’s Brewery, P.L.C.
Registered in England number 00032762.
171Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
Company Financial Statements
Company statement of changes in equity
For the 52 weeks ended 30 March 2026
The notes on pages 175 to 183 form part of these financial statements.
Notes
Share
capital
1
£m
Other
reserves
£m
Hedging
reserve
£m
Revaluation
reserve
£m
Retained
earnings
£m
Total
equity
£m
At 1 April 2024 15.6 38.0 2.4 268.8 442.1 766.9
Total comprehensive income
Profit for the period – – – – 14.1 14.1
Other comprehensive income
Unrealised gain on revaluation of property 5 – – – 6.9 – 6.9
Remeasurement of retirement benefit schemes – – – – (7.3) (7.3)
Net movement of interest rate swaps – cash
flow hedge – – (1.7) – – (1.7)
Tax on above components of other
comprehensive income – – 0.5 (1.0) 1.2 0.7
– – (1.2) 5.9 (6.1) (1.4)
Total comprehensive income – – (1.2) 5.9 8.0 12.7
Transactions with owners recorded directly in equity
Dividends paid on equity shares – – – – (14.0) (14.0)
Share based payments – – – – 0.2 0.2
– – – – (13.8) (13.8)
At 31 March 2025 15.6 38.0 1.2 274.7 436.3 765.8
Total comprehensive income
Profit for the period – – – – 27.2 27.2
Other comprehensive income
Unrealised gain on revaluation of property 5 – – – 18.4 – 18.4
Remeasurement of retirement benefit schemes – – – – 1.7 1.7
IFRIC 14 adjustment – – – – (0.2) (0.2)
Net movement of interest rate swaps – cash
flow hedge – – (0.2) – – (0.2)
Tax on above components of other
comprehensive income – – 0.1 (5.9) (0.2) (6.0)
– – (0.1) 12.5 1.3 13.7
Total comprehensive income – – (0.1) 12.5 28.5 40.9
Transactions with owners recorded directly in equity
Dividends paid on equity shares – – – – (14.7) (14.7)
Cancellation of shares (0.1) – – – – (0.1)
Share buyback – (9.9) – – – (9.9)
(0.1) (9.9) – – (14.7) (24.7)
At 30 March 2026 15.5 28.1 1.1 287.2 450.1 782.0
1 Total share capital comprises the nominal value of the share capital issued and fully paid of £7.7 million (2025: £7.8 million) and the share premium
account of £7.8 million (2025: £7.8 million). Share capital issued in the period comprises the nominal value of £nil (2025: £nil) and share premium
of £nil (2025: £nil). Share capital cancelled in the period comprises the nominal value of £0.1 million (2025: £nil) and share premium of £nil
(2025: £nil).
Company Financial Statements
172 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
Notes to the company financial statements
For the 52 weeks ended 30 March 2026
1. Summary of accounting policies
The company financial statements of Young & Co.’s Brewery, P.L.C. for the period ended 30 March 2026 were authorised for issue
by the board of directors on 20 May 2026. Young & Co.’s Brewery, P.L.C. (‘the company’) is a public limited company incorporated
and domiciled in England and Wales. The company’s shares were listed on the Alternative Investment Market of the London Stock
Exchange until the 28th April 2026 upon which they transferred to the Main Market of the London Stock Exchange.
The directors of the company manage risk at group level, and these risks are therefore outlined in note 24 to the consolidated financial
statements. The company’s accounting policies have been applied on a consistent basis to those set out in the relevant notes to the
consolidated financial statements.
Basis of preparation
These financial statements are prepared in accordance with “Financial Reporting Standard 101 Reduced Disclosure Framework”
(“FRS101”) and in accordance with Companies Act 2006 for the 52 weeks ended 30 March 2026 and the comparable period being
the 52 weeks ended 31 March 2025.
The company has taken advantage of section 408 of the Companies Act 2006 not to present the parent company profit and loss
account. Accordingly, no separate income statement or statement of comprehensive income are presented for the company.
The group also has a special purpose entity, the Ram Brewery Trust II. The trust holds assets for the benefit of employees and former
employees, is an ESOP trust and is treated as an extension of the company in the parent company accounts.
The company recognises its investments in its subsidiaries on the basis of cost less provision for impairment. Income is recognised from
these investments in relation to distributions received.
The following disclosure exemptions from the requirements of IFRS have been applied in the preparation of the company financial
statements, in accordance with FRS 101:
• The requirements of IFRS 7 Financial Instruments Disclosures
• The requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payments
• The requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement
• The requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1
Presentation of Financial Statements
• The requirements of IAS 7 Statement of Cash Flows
• The requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
• The requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures
• The requirements of IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more
members of a group
• The requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairment of Assets, provided
that equivalent disclosures are included in the consolidated financial statements of the group in which the Company is consolidated
• The requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and
129 of IFRS 15 Revenue from Contracts with Customers
• The requirements of IFRS 16 Leases paragraphs 52 and 58, the second sentence of paragraph 89 and paragraphs 90, 91 and 93
of IFRS 16 Leases.
Where required, equivalent disclosures are given in the consolidated financial statements of the group.
2. Auditor’s remuneration
The fee for the audit of the financial statements was £1.2 million (2025: £1.4 million). The fee in respect of other non-audit services
was £0.8 million (2025: £nil).
173Young & Co.’s Brewery, P.L.C.
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Company Financial Statements
3. Employment
2026
£m
2025
£m
Wages and salaries 138.7 129.8
Social security 15.5 11.0
Pension and health care schemes 2.9 2.7
Share based payments – 0.2
Employment costs 157.1 143.7
The company’s average monthly number of employees was 7,065 (2025: 6,282). The number of employees at the period end was
7,477 (2025: 6,318).
The company’s average monthly number of operational employees was 6,924 (2025: 6,144). The number of operational employees
at the period end was 7,333 (2025: 6,181).
The company’s average monthly number of administration employees was 142 (2025: 138). The number of administration employees
at the period end was 144 (2025: 137).
The company bore the cost of directors remuneration for the group.
During the period, employees of a wholly owned group subsidiary (City Pub Group) were transferred to the company via
a TUPE agreement.
4. Goodwill
Goodwill is recognised in respect of the following:
2026
£m
2025
£m
Managed houses 29.3 29.3
Total goodwill 29.3 29.3
£m
Cost
At 1 April 2024 31.4
Acquisitions –
At 31 March 2025 31.4
Acquisitions –
At 30 March 2026 31.4
Impairments
At 1 April 2024 2.1
Disposals –
Impairment –
At 31 March 2025 2.1
Disposals –
Impairment –
At 30 March 2026 2.1
Carrying amount
At 1 April 2024 29.3
At 31 March 2025 29.3
At 30 March 2026 29.3
Impairment considerations are outlined in note 16 of the consolidated financial statements.
Notes to the company financial statements continued
For the 52 weeks ended 30 March 2026
Company Financial Statements
174 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
5. Property and equipment
Cost or valuation
Land &
buildings
£m
Fixtures,
fittings &
equipment
£m
Total
£m
At 1 April 2024 839.5 177.1 1,016.6
Additions 7.7 33.5 41.2
Disposals (7.9) (1.3) (9.2)
Transfer from right-of-use assets
1
3.2 0.4 3.6
Transfers in from subsidiary companies 0.5 – 0.5
Fully depreciated assets (0.7) (23.5) (24.2)
Revaluation
2
– upward movement in valuation 33.8 – 33.8
– downward movement in valuation (27.4) – (27.4)
At 31 March 2025 848.7 186.2 1,034.9
Additions 4.4 22.3 26.7
Disposals (0.4) (1.1) (1.5)
Transfers out to asset held for sale (1.5) (0.6) (2.1)
Fully depreciated assets – (23.2) (23.2)
Revaluation
2
– upward movement in valuation 29.7 – 29.7
– downward movement in valuation (11.8) – (11.8)
At 30 March 2026 869.1 183.6 1,052.7
Depreciation and impairment
At 1 April 2024 38.3 78.2 116.5
Depreciation charge 1.6 27.9 29.5
Disposals (3.9) (0.5) (4.4)
Fully depreciated assets (0.7) (23.5) (24.2)
Revaluation
2
– upward movement in valuation (4.3) – (4.3)
– downward movement in valuation 19.4 – 19.4
At 31 March 2025 50.4 82.1 132.5
Depreciation charge 1.6 28.6 30.2
Disposals 0.1 (0.6) (0.5)
Transfers out to asset held for sale (0.1) (0.2) (0.3)
Fully depreciated assets – (23.2) (23.2)
Revaluation
2
– upward movement in valuation (4.9) – (4.9)
– downward movement in valuation 7.5 – 7.5
At 30 March 2026 54.6 86.7 141.3
Net book value
At 1 April 2024 801.2 98.9 900.1
At 31 March 2025 798.3 104.1 902.4
At 30 March 2026 814.5 96.9 911.4
1 During the prior period, the company acquired the freehold interest in the Stag (Belsize Park), which was acquired as a leasehold during the
prior period.
2 The company’s net book value uplift during the period was £15.3 million (2025: an impairment of £8.7 million). This impairment was recognised
either in the revaluation reserve or the income statement, as appropriate.
175Young & Co.’s Brewery, P.L.C.
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Company Financial Statements
5. Property and equipment continued
2026
£m
2025
£m
Income statement
Revaluation loss charged as impairment (7.5) (19.4)
Reversal of past impairment 4.4 3.8
Net impairment recognised in the income statement (3.1) (15.6)
Revaluation reserve
Unrealised revaluation surplus 30.2 34.3
Reversal of past surplus (11.8) (27.4)
Net uplift recognised in the revaluation reserve 18.4 6.9
Net revaluation increase/(decrease) in property 15.3 (8.7)
Refer to note 17 of the consolidated financial statements for further fair value disclosures and disaggregation of property and
equipment between pubs used by the group, including those used by the company, and pubs leased to tenants.
Capital commitments not provided for in these financial statements and for which contracts have been placed amounted to £0.5 million
(2025: £0.2 million).
6. Right-of-use assets
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:
Property
£m
Motor
vehicles
£m
Total
£m
At 1 April 2024 144.2 0.9 145.1
Additions – 0.4 0.4
Transfers from subsidiary 1.8 – 1.8
Lease amendments 1.0 – 1.0
Impairments (8.2) – (8.2)
Transfer out of right-of-use assets (3.6) – (3.6)
Depreciation (6.1) (0.4) (6.5)
At 31 March 2025 129.1 0.9 130.0
Additions 1.0 0.2 1.2
Lease amendments 0.7 – 0.7
Impairment losses (0.9) – (0.9)
Impairment reversals 0.8 – 0.8
Depreciation (6.3) (0.4) (6.7)
At 30 March 2026 124.4 0.7 125.1
An impairment loss of £0.9 million was recognised in the income statement during the current period (2025: £8.2 million), and an
impairment reversal of £0.8 million was recognised in the income statement during the current period (2025: £nil). Further details are
outlined in note 19 of the consolidated financial statements.
Notes to the company financial statements continued
For the 52 weeks ended 30 March 2026
Company Financial Statements
176 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
7. Investments in subsidiaries
Cost and net book value £m
At 1 April 2024 164.5
Additions –
Impairment (6.5)
At 31 March 2025 158.0
Additions –
Impairment –
At 30 March 2026 158.0
The company tests investments for impairment annually. An impairment is recognised if the recoverable amount is lower than the
carrying value. Recoverable amount is calculated as the higher of fair value less costs of disposal and value in use.
The value in use model used to determine the recoverable amount is most sensitive to a change in discount rate. The discount rate
used was 10.0% (2025: 9.9%) and headroom in the model would be removed with a 1.9% increase in the discount rate.
The company financial statements include:
Group undertakings
Registered
number
Country of
incorporation
and registration
% of equity
and votes held
Subsidiaries
BFI Limited
1 6
06603994 England 100
Geronimo Inns Limited
1 6
02979146 England 100
The City Pub Group Limited
1 3 6
07814568 England 100
The City Pub Company (West) Limited
2 4 6
07814571 England 100
BNB Leisure Limited
1 4 6
02450551 England 100
Gresham Collective Ltd
1 4 6
01508725 England 100
Randall & Zacharia Ltd
2 4 6
08465216 England 100
Barts Pub Ltd
1 4 6
09996432 England 98.6
The Galaxy (City) Pub Company Limited
1 4 6
09359693 England 69
The Sovereign (City) Pub Company Limited
1 4 6
09359669 England 69
Joint ventures and associates
5
The Brading Group Limited
4 7
12350310 England 50
1 The subsidiaries listed above are exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue
of Section 479C of that Act.
2 The subsidiaries listed above are exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue
of Section 394C of that Act.
3 During the prior period, the company deregistered from a public limited company to a private limited company.
4 The shares are held indirectly by the company.
5 The total carrying value under equity accounting method and fair value of the joint ventures and associates are not material to be disclosed separately
on the balance sheet.
6 The companies registered address is Copper House, 5 Garratt Lane, Wandsworth, London, SW18 4AQ.
7 The companies registered address is Bcl House 2 Pavilion Business Park, Royds Hall Road, Leeds, West Yorkshire, England, LS12 6AJ.
During the period, the company increased its shareholding in The Galaxy (City) Pub Company Limited and The Sovereign (City) Pub
Company Limited from 61% to 69% (2025: 53% to 61%) for a total consideration of £0.4 million (2025: £0.8 million).
Impairments recognised in the period of £nil million (2025: £6.5 million) arose following distributions of assets made from subsidiary
undertakings, and transaction costs included within additions that were not considered recoverable.
During the prior period, the company disposed of its 53% shareholding in The Pioneer (City) Pub Company Limited, and its 33%
shareholding in Bupp Limited.
During the period, 580 Limited, Crooked Billet Limited and Crooked Billet Holdings Limited were dissolved. Before dissolution,
Crooked Billet Holdings Limited and 580 Limited were wholly owned subsidiaries of the company, whilst Crooked Billet Limited was
indirectly owned.
During the period the company disposed of its indirect associate The Barsham Brewery Limited for £nil consideration. No gain or loss
was recognised on the disposal of the associate.
177Young & Co.’s Brewery, P.L.C.
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Company Financial Statements
8. Inventories
2026
£m
2025
£m
Finished goods and raw materials 6.1 5.7
9. Trade and other receivables
2026
£m
2025
£m
Non-current assets
Amounts due from subsidiaries – 26.7
Prepayments 0.7 0.5
0.7 27.2
Current assets
Trade receivables 0.8 3.4
Prepayments and other receivables 9.1 6.7
Amounts due from subsidiaries 27.9 –
37.8 10.1
38.5 37.3
Amounts due from subsidiaries are unsecured and the non-current amounts are not expected to be settled within twelve months.
Prepayments and other receivables included £1.2 million (2025: £1.3 million) for fees in respect of project costs.
The 12-month expected credit losses on amounts due from subsidiaries are not material in the current period or prior period.
10. Asset held for sale
2026
£m
2025
£m
Property and equipment 1.6 –
Property held for sale 1.6 –
At 30 March 2026, one property was classified as held for sale (2025: no properties) based on its fit with the remaining group’s estate.
On reclassifying the property as held for sale, a charge of £0.1 million (2025: £nil) was recognised within adjusting items (see note 9
of the consolidated financial statements).
The property is included in the sensitivity analysis disclosed in note 17 of the consolidated financial statements.
11. Trade and other payables
2026
£m
2025
£m
Trade payables 21.8 18.3
Other tax and social security 12.4 4.8
Other creditors 9.9 9.7
Accruals 13.8 14.7
Amounts due to subsidiaries 12.7 15.4
Deferred income 3.3 2.7
Other financial liabilities
1
4.1 –
78.0 65.6
1 Other financial liabilities relate to the committed portion of the share buyback programme (see note 28 of the consolidated financial statements).
Notes to the company financial statements continued
For the 52 weeks ended 30 March 2026
Company Financial Statements
178 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
12. Lease liabilities
Set out below are the carrying amounts of lease liabilities and the movements during the period:
£m
At 1 April 2024 71.2
Additions 0.4
Lease amendments 1.0
Accretions of interest 2.9
Payments (7.3)
Lease terminations 1.4
At 31 March 2025 69.6
Current 4.4
Non-current 65.2
At 31 March 2025 69.6
Additions 1.2
Lease amendments 0.7
Accretions of interest 2.9
Payments (7.6)
Transfers from subsidiary (0.1)
At 30 March 2026 66.7
Current 4.6
Non-current 62.1
The following amounts have been recognised in the income statement:
2026
52 weeks
£m
2025
52 weeks
£m
Depreciation expense of right-of-use assets (note 6) 6.7 6.5
Interest expense on lease liabilities 2.9 2.9
Expense relating to short-term leases and low-value assets 0.1 0.1
Variable lease payments 0.3 0.3
Total amount recognised in the income statement 10.0 9.8
During the current period, the company had total cash outflows for leases of £8.0 million (2025: £7.7 million). The company also had
non-cash additions of £1.2 million to both right-of-use assets and lease liabilities (2025: £0.4 million).
The value of lease liabilities due after five years in the company is £70.0 million (2025: £74.5 million).
The company has lease contracts for properties that contain variable payments based on turnover levels achieved. The following
provides information on the company’s variable lease payments, including the magnitude in relation to fixed payments:
2026
Fixed
payments
£m
Variable
payments
£m
Total
payments
£m
Fixed rent 7.1 – 7.1
Variable rent with minimum payment 0.6 – 0.6
Variable rent only – 0.3 0.3
7.7 0.3 8.0
179Young & Co.’s Brewery, P.L.C.
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Company Financial Statements
12. Lease liabilities continued
2025
Fixed payments
£m
Variable
payments
£m
Total payments
£m
Fixed rent 6.6 – 6.6
Variable rent with minimum payment 0.6 – 0.6
Variable rent only – 0.3 0.3
7.2 0.3 7.5
Refer to note 27 (b) of the group consolidated financial statements for disclosures around the company as a lessor.
13. Deferred tax
Deferred tax relates to the following:
2026
£m
2025
£m
Deferred tax assets
Retirement benefit schemes 0.4 1.1
Tax losses 0.6 0.7
Shared based payments – 0.3
Deferred tax assets 1.0 2.1
Deferred tax liabilities
Rolled over gains and property revaluations (116.9) (111.1)
Accelerated capital allowance (0.6) (0.4)
Interest rate swaps – cash flow hedge (0.2) (0.3)
Deferred tax liabilities (117.8) (111.8)
Net deferred tax liabilities (116.8) (109.7)
Reconciliation of net deferred tax liabilities:
2026
£m
2025
£m
Opening balance (109.7) (110.9)
Tax (charge)/credit in the income statement (0.4) 0.3
Tax charge in the statement of comprehensive income (6.1) 0.7
Adjustment in respect of deferred tax of prior periods in the income statement (0.6) 0.2
Closing balance (116.8) (109.7)
Notes to the company financial statements continued
For the 52 weeks ended 30 March 2026
Company Financial Statements
180 Young & Co.’s Brewery, P.L.C.
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Annual Report 2026
14. Information included in the notes to the consolidated financial statements
Some of the information included in the notes to the consolidated financial statements is directly relevant to the financial statements of
the company. Please refer to the following:
• Note 8 Employment • Note 28 Share capital and reserves
• Note 14 Dividends • Note 29 Share awards
• Note 24 Capital management and financial instruments • Note 33 Post balance sheet events
• Note 26 Pensions
Young & Co.’s Brewery, P.L.C.
Copper House, 5 Garratt Lane
Wandsworth, London SW18 4AQ
Telephone: 020 8875 7000
Fax: 020 8875 7100
www.youngs.co.uk Registered in England number 00032762
181Young & Co.’s Brewery, P.L.C.
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Company Financial Statements
Shareholder
Information
183 Notice of meeting
190 Explanatory notes to the notice of meeting
193 Directors and advisers
193 Shareholder information
194 Young’s pubs and hotels
Shareholder Information
182 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 183
If you hold any A shares this notice is important and requires your immediate attention. If you are in any doubt as to the action
you should take, you should immediately consult your stockbroker, solicitor, accountant or other duly authorised professional
adviser. If you have sold or otherwise transferred all your shares, please forward this annual report and any accompanying
documents (except any personalised proxy form, if applicable) to the purchaser or transferee, or to the person through whom
the sale or transfer was arranged, so they can forward this to the person who now holds the shares.
If you hold any A shares, you should have received a proxy form for use in respect of the meeting. Guidance notes on how to
complete it, and on other matters, are given on the form itself and in the notes to this notice. Whether or not you propose to attend
the meeting, please complete and submit the proxy form; it must be received by Computershare Investor Services PLC by 11.30am
on Friday, 3 July 2026. Appointing a proxy does not stop you from attending the meeting and voting. An attendance card is attached
to the proxy form; please bring this with you to the meeting.
If you do not hold any A shares, this notice is for information purposes only.
Notice is hereby given that the 137th annual general meeting (‘AGM’) of Young & Co.’s Brewery, P.L.C. (the ‘Company’) will be held
in the Civic Suite in Wandsworth Town Hall, Wandsworth High Street, Wandsworth, London SW18 2PU on Tuesday, 7 July 2026
at 11.30am. Resolutions 1 to 16 (inclusive) will be proposed as ordinary resolutions, and resolutions 17 to 20 will be proposed as
special resolutions. All A shareholders are asked to vote on these resolutions in advance of the AGM by filling in the accompanying
proxy form.
As always, your vote is important to us and we strongly encourage you to vote either in advance or on the day at the AGM.
The directors consider that all the resolutions to be put to the meeting are in the best interests of the Company and its shareholders
as a whole and unanimously recommend that all A shareholders vote in favour of them as they intend to do in respect of their
beneficial holdings.
Annual accounts and reports
1. To receive the Company’s annual accounts for the financial
period ended 30 March 2026, together with the strategic
report, the directors’ report and the auditor’s report on
those accounts.
Directors’ remuneration report
2. To approve the directors’ remuneration report for the
financial period ended 30 March 2026, other than the part
containing the directors’ remuneration policy, as set out
on pages 93 to 113 of the Company’s annual report and
accounts for the financial year ended 30 March 2026.
Directors’ remuneration policy
3. To approve the directors’ remuneration policy, as set out
on pages 96 to 103 of the Company’s annual report and
accounts for the financial year ended 30 March 2026.
Final dividend
4. To declare a final dividend of 12.22 pence per share for the
financial period ended 30 March 2026.
Auditor appointment
5. To resolve that Ernst & Young LLP be, and is hereby,
re-appointed as the Company’s auditor to hold office until
the conclusion of the next general meeting of the Company
at which the Company’s annual accounts and reports are laid
in accordance with section 437 of the Companies Act 2006.
Auditor remuneration
6. To resolve that the directors be, and are hereby, authorised
to determine the remuneration of the Company’s auditor.
Re-appointment of directors
7. To resolve that Steve Cooke be, and is hereby, re-appointed
as a director.
8. To resolve that Simon Dodd be, and is hereby, re-appointed
as a director.
9. To resolve that Mike Owen be, and is hereby, re-appointed
as a director.
10. To resolve that Tracy Dodd be, and is hereby, re-appointed
as a director.
11. To resolve that Torquil Sligo-Young be, and is hereby,
re-appointed as a director.
12. To resolve that Aisling Meany be, and is hereby,
re-appointed as a director.
13. To resolve that Ian Dyson be, and is hereby, re-appointed
as a director.
14. To resolve that John Dunsmore be, and is hereby,
re-appointed as a director.
Notice of meeting
Shareholder Information
Shareholder Information
184 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Political donations and expenditure
15. To resolve that the Company and all companies that are
subsidiaries of the Company at any time during the period
for which this resolution has effect be, and are hereby,
authorised to:
(a) make political donations to political parties, not exceeding
£50,000 in total;
(b) make political donations to political organisations other
than political parties, not exceeding £50,000 in total; and
(c) incur political expenditure, not exceeding £50,000
in total;
in each case at any time during the period starting with the
date this resolution is passed and ending at the end of next
year’s annual general meeting (or, if earlier, at 11.59pm on
30 September 2027) but the aggregate amount of political
donations and political expenditure that may be made and
incurred by the Company and its subsidiaries pursuant to this
authority must not exceed £50,000.
Note: for the purposes of this resolution, ‘political donation’ has
the meaning given in section 364 of the Companies Act 2006,
‘political expenditure’ has the meaning given in section 365 of the
Companies Act 2006, and reference to a ‘political party’ or to a
‘political organisation’ is to a party or to an organisation to which
Part 14 of the Companies Act 2006 applies.
Directors’ authority to allot shares, etc.
16. To resolve that, in accordance with section 551 of the
Companies Act 2006, the directors be, and are hereby,
generally and unconditionally authorised to allot shares in
the Company and to grant rights to subscribe for or convert
any security into shares in the Company:
(a) up to a nominal amount of £2,533,555 (such amount to
be reduced by the nominal amount of any allotments or
grants made under paragraph (b) below in excess of such
sum); and
(b) comprising equity securities (as defined in section 560(1)
of the Companies Act 2006) up to an aggregate nominal
amount of £5,067,110 (such amount to be reduced by the
nominal amount of any allotments or grants made under
paragraph (a) above) in connection with an offer by way
of a rights issue:
(i) to ordinary shareholders in proportion (as nearly as
may be practicable) to their existing holdings; and
(ii) to holders of other equity securities as required
by the rights of those securities or as the directors
otherwise consider necessary, and so that the directors
may impose any limits or restrictions and make any
arrangements which they consider necessary or
appropriate to deal with treasury shares, fractional
entitlements, record dates, legal, regulatory or practical
problems in, or under the laws of, any territory or any
other matter, such authority to apply until the end of
next year’s annual general meeting (or, if earlier, until
11.59pm on 30 September 2027) but, in each case,
during this period the Company may make offers
and enter into agreements which would, or might,
require shares to be allotted or rights to subscribe for
or convert securities into shares to be granted after the
authority ends and the directors may allot shares or
grant rights to subscribe for or convert securities into
shares under any such offer or agreement as if the
authority had not ended.
Disapplication of pre-emption rights
17. To resolve that, if resolution 16 is passed, the directors
be, and are hereby, given power to allot equity securities
(as defined in section 560(1) of the Companies Act 2006)
for cash under the authority given by that resolution and/
or to sell shares held by the Company as treasury shares for
cash as if section 561 of the Companies Act 2006 did not
apply to any such allotment or sale, such power to be limited:
(a) to the allotment of equity securities and sale of treasury
shares in connection with an offer of, or invitation to
apply for, equity securities (but in the case of the authority
granted under paragraph (b) of resolution 16, by way of
a rights issue only):
(i) to ordinary shareholders in proportion (as nearly
as may be practicable) to their existing holdings; and
(ii) to holders of other equity securities, as required by the
rights of those securities, or as the directors otherwise
consider necessary;
and so that the directors may impose any limits or restrictions
and make any arrangements which they consider necessary
or appropriate to deal with treasury shares, fractional
entitlements, record dates, legal, regulatory or practical
problems in, or under the laws of, any territory or any
other matter;
(b) in the case of the authority granted under paragraph
(a) of resolution 16 and/or in the case of any sale of
treasury shares, to the allotment of equity securities or
sale of treasury shares (otherwise than under paragraph
(a) above of this resolution 17) up to a nominal amount
of £760,066; and
(c) to the allotment of equity securities or sale of treasury
shares (otherwise than under paragraph (a) or (b) above of
this resolution 17) up to a nominal amount equal to 20%
of any allotment of equity securities or sale of treasury
shares from time to time under paragraph (b), above of
this resolution 17, such authority to be used only for the
purposes of making a ‘follow-on offer’ which the directors
determine to be of a kind contemplated by paragraph 3 of
Section 2B of the Statement of Principles on Disapplying
Pre-Emption Rights most recently published by the Pre-
Emption Group prior to the date of this notice, such power
to apply until the end of the next annual general meeting
(or, if earlier, until 11.59pm on 30 September 2027) but,
in each case, during this period the Company may make
offers and enter into agreements which would, or might,
require equity securities to be allotted (and treasury shares
to be sold) after the power ends and the directors may
allot equity securities (and sell treasury shares) under any
such offer or agreement as if the power had not ended.
Notice of meeting continued
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 185
18. To resolve that, if resolution 16 is passed, the directors be,
and are hereby, given the power in addition to any power
granted by resolution 17, to allot equity securities (as defined
in the Companies Act 2006) for cash under the authority
given by paragraph (a) of resolution 16 and/or to sell shares
held by the Company as treasury shares for cash as if section
561 of the Companies Act 2006 did not apply to any such
allotment or sale, such power to be:
(a) limited to the allotment of equity securities or sale of
treasury shares up to a nominal amount of £760,066,
such power to be used only for the purposes of financing
(or refinancing, if the authority is to be used within
12 months after the original transaction) a transaction
which the directors determine to be an acquisition or
a specified capital investment of a kind contemplated
by the Statement of Principles on Disapplying
Pre-Emption Rights most recently published by the
Pre-Emption Group prior to the date of this notice; and
(b) limited to the allotment of equity securities or sale of
treasury shares (otherwise than under paragraph (a) on
previous page) up to a nominal amount equal to 20% of
any allotment of equity securities or sale of treasury shares
from time to time under paragraph (a), on previous page,
such authority to be used only for the purposes of making
a ‘follow-on offer’ which the directors determine to be
of a kind contemplated by paragraph 3 of Section 2B of
the Statement of Principles on Disapplying Pre-Emption
Rights most recently published by the Pre-Emption Group
prior to the date of this notice, such power to apply until
the end of next year’s annual general meeting (or, if
earlier, until 11.59pm on 30 September 2027) but, in each
case, during this period the Company may make offers
and enter into agreements which would, or might, require
equity securities to be allotted (and treasury shares to be
sold) after the power ends and the directors may allot
equity securities (and sell treasury shares) under any such
offer or agreement as if the power had not ended.
Authority to purchase own shares
19. To resolve that the Company be, and is hereby, authorised
for the purposes of section 701 of the Companies Act
2006 to make one or more market purchases (as defined
in section 693(4) of the Companies Act 2006) of its shares
of 12.5 pence each, provided that:
(a) the maximum number of shares hereby authorised to
be purchased (which may be all A shares, all Non-Voting
shares or a mix) is 6,080,530;
(b) the minimum price, exclusive of expenses, which may
be paid for a share is 12.5 pence; and
(c) the maximum price, exclusive of expenses, which may be
paid for a share is the highest of:
(i) an amount equal to 5% above the average of the
middle market quotations for a share of that class as
derived from the Daily Official List of the London
Stock Exchange for the five business days immediately
preceding the day on which that share is contracted
to be purchased; and
(ii) the higher of the price of the last independent trade
and the highest current independent bid on the
trading venues where the purchase is carried out at
the relevant time, such authority to apply until the end
of next year’s annual general meeting (or, if earlier,
until 11.59pm on 30 September 2027) but during
this period the Company may enter into a contract to
purchase shares which would, or might, be completed
or executed wholly or partly after the authority ends
and the Company may purchase shares pursuant to
any such contract as if the authority had not ended.
offer or agreement as if the power had not ended.
Adoption of new articles of association
20. To resolve that, with effect from the passing of this
resolution, the amended articles of association of the
Company, produced to the meeting and signed by the
chairman for the purpose of identification, be adopted as
the articles of association of the Company in substitution
for, and to the exclusion of, the Company’s existing articles
of association.
By order of the board
Séverine Béquin
Company Secretary
20 May 2026
Registered office:
Copper House
5 Garratt Lane
Wandsworth
London
SW18 4AQ
Registered in England and Wales No. 32762
Important notes regarding your general rights as a shareholder
and your right to appoint a proxy and voting can be found
below and on pages 186 to 189 of this document.
Shareholder Information
Shareholder Information
186 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Notes
Entitlement to attend, speak and vote
at the meeting
To be entitled to attend, speak, ask questions and vote at the
meeting (and for the purpose of determining the number of
votes you may cast), your name must be entered in that part
of the register of members relating to holders of A shares at
close of business on Friday, 3 July 2026 (or, in the event of any
adjournment, at close of business on the day before the day
of the adjourned meeting).
Voting at the AGM will be by way of poll rather than on a
show of hands. This is a more transparent method of voting as
shareholder votes are counted according to the number of A
shares held and will help to ensure an exact and definitive result.
The poll will be conducted using poll cards at the AGM.
If you will not be attending the AGM or otherwise wish to vote
in advance, you may appoint a proxy as further detailed on
pages 186 to 188.
As soon as practicable following the AGM, the results of the
voting at the AGM and the number of votes cast for and against
and the number of votes withheld in respect of each resolution
will be announced via a Regulatory Information Service and
placed on the Company’s website at www.youngs.co.uk/
investors.
Any shareholder who has not otherwise received confirmation
that their vote on the polls at the AGM has been validly
recorded and counted and has no other reasonable means
of confirming this may, within 30 days from the date of the
AGM, request information from the Company allowing them
to confirm that their vote on the polls at the AGM has been
validly recorded and counted, by using the contact details
of the registrar set out in this notice.
Any holder of A shares attending the AGM has the right to
ask questions. The Company must cause to be answered any
such question relating to the business being dealt with at the
AGM, but no such answer need be given if: (i) to do so would
interfere unduly with the preparation for the AGM or involve
the disclosure of confidential information; or (ii) it is undesirable
in the interests of the Company or the good order of the AGM
that the question be answered. If you wish to submit a question
ahead of the AGM, please email shareholders@youngs.co.uk by
close of business on Friday, 3 July 2026. Any questions received
in advance of the meeting will be grouped into themes and
answered during the meeting. Shareholders will be able to ask
follow-up questions on any answers given to a question during
the AGM at shareholders@youngs.co.uk.
What you need to bring
If you come to the meeting, please bring with you the
attendance card attached to the proxy form.
Shareholders attending the AGM may be required to comply
with security arrangements or restrictions as may be reasonably
considered appropriate by the Company, which may include
a bag check. Unacceptable behaviour of the part of any
shareholder attending the AGM will not be tolerated and the
chair of the meeting has the right to deal with such behaviour
as appropriate.
Appointment of proxies
If you hold any A shares, you may appoint a proxy to exercise
all or any of your rights to attend and to speak and vote on
your behalf at the meeting. You can do this by completing
the proxy form which came with this document. If you did
not receive a proxy form and believe that you should have
one, or if you require additional forms, please contact the
Company or its registrar. To be valid, your proxy form must
be received by the Company’s registrar no later than 11.30am
on Friday, 3 July 2026.
Who to appoint as a proxy
A proxy does not have to be a member of the Company but
must attend the meeting to represent you and for your vote
to be counted. Your proxy could be the chair of the meeting,
a director of the Company or another person who has agreed
to attend the meeting to represent you. If you appoint a proxy,
you may still attend the meeting and vote in person, but in that
case your proxy appointment will automatically terminate.
Those submitting a proxy are encouraged to consider
appointing the chair of the meeting, rather than some other
named person, as their proxy. This will ensure that your vote
is counted.
Multiple proxies
You may appoint more than one proxy in relation to the
meeting provided each proxy is appointed to exercise the rights
attached to a different A share or different A shares held by you.
A space has been included in the proxy form to allow you to
specify the number of A shares in respect of which that proxy
is appointed. If you return the proxy form duly executed but
leave this space blank, you will be deemed to have appointed
the proxy in respect of all of your holding of A shares. If you
wish to appoint more than one proxy in respect of your
A shares, you should contact the Company or its registrar
for further proxy forms or photocopy the form as required;
you should also read the notes on the proxy form relating to
the appointment of multiple proxies.
Notice of meeting continued
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 187
The following principles apply in relation to the appointment
of multiple proxies:
(a) The Company will give effect to your intentions and include
votes wherever and to the fullest extent possible.
(b) Where a proxy does not state the number of A shares to
which it applies (a ‘blank proxy’) then, subject to the following
principles where more than one proxy is appointed, that
proxy is deemed to have been appointed in relation to the
total number of A shares registered in your name (‘your
entire holding’). If there is a conflict between a blank proxy
and a proxy which does state the number of A shares to
which it applies (a ‘specific proxy’), the specific proxy will be
counted first, regardless of the time it was sent or received
(on the basis that as far as possible the conflicting forms of
proxy should be judged to be in respect of different A shares)
and remaining A shares will be apportioned to the blank
proxy (pro rata if there is more than one).
(c) Where there is more than one proxy appointed and the total
number of A shares in respect of which proxies are appointed
is no greater than your entire holding, it is assumed that
proxies are appointed in relation to different A shares, rather
than conflicting appointments being made in relation to the
same A shares; that is, there is only assumed to be a conflict
where the aggregate number of A shares in respect of which
proxies have been appointed exceeds your entire holding.
(d) When considering conflicting proxies, later proxies will
prevail over earlier proxies, and which proxy is later will
be determined on the basis of which proxy is last sent
(or, if the Company is unable to determine which is last sent,
last received). Proxies in the same envelope will be treated
as sent and received at the same time to minimise the
number of conflicting proxies.
(e) If conflicting proxies are sent or received at the same time
in respect of (or deemed to be in respect of) your entire
holding, none of them will be treated as valid.
(f) Where the aggregate number of A shares in respect of which
proxies are appointed exceeds your entire holding and it is
not possible to determine the order in which they were sent
or received (or they were all sent or received at the same
time), the Company’s registrar or the Company will take steps
to try to clarify the situation with you should time permit.
If this is not possible, none of your proxies will be treated
as valid.
(g) If you appoint a proxy or proxies and then decide to attend
the meeting in person and vote in person, then the vote in
person will override any proxy vote. If the vote in person
is on a poll and is in respect of your entire holding then all
proxy votes will be disregarded. If, however, you vote at the
meeting on a poll in respect of less than your entire holding,
then if you indicate on your poll card that all proxies are
to be disregarded, that shall be the case; but if you do not
specifically revoke proxies, then the vote in person will be
treated in the same way as if it were the last received proxy
and earlier proxies will only be disregarded to the extent that
to count them would result in the number of votes being cast
exceeding your entire holding.
(h) In relation to paragraph (g), if you do not specifically revoke
proxies, it will not be possible for the Company to determine
your intentions in this regard. However, in light of the aim
to include votes wherever and to the fullest extent possible,
it will be assumed that earlier proxies should continue to
apply to the fullest extent possible.
Changing proxy instructions
To change your proxy instructions, you need to submit a new
proxy appointment – further copies can be obtained from the
Company or its registrar. However, in doing so, you should be
aware of the principles that apply to multiple proxies – see the
note headed Multiple proxies.
If you are in any doubt as to what to do where you wish to
change your proxy instruction, please contact the Company’s
registrar or your stockbroker, solicitor, accountant or other duly
authorised professional adviser.
Termination of proxy appointments
If you wish to revoke your proxy instruction, you must send to
the Company’s registrar a signed hard copy notice clearly stating
your intention to revoke your proxy appointment. If you are a
corporation, the revocation notice must be executed under your
common seal or signed on your behalf by an officer of you or an
attorney for you. Any power of attorney or any other authority
under which the revocation notice is signed (or a notarially
certified copy of such power or authority) must be included with
the revocation notice. The revocation notice must be received by
the Company’s registrar before the start of the meeting. If you
attempt to revoke your proxy appointment but the revocation
is received after the time specified then, subject as follows,
your proxy appointment will remain valid. Appointing a proxy
does not stop you from attending the meeting and voting.
If you appoint a proxy and attend the meeting, your proxy
appointment will automatically be terminated.
CREST electronic proxy appointments
CREST members who wish to appoint a proxy or proxies
through the CREST electronic proxy appointment service may
do so by using the procedures described in the CREST Manual
(available via www.euroclear.com). CREST personal members or
other CREST sponsored members, and those CREST members
who have appointed (a) voting service provider(s), should refer
to their CREST sponsor or voting service provider(s), who will be
able to take the appropriate action on their behalf.
In order for a proxy appointment or instruction made using
the CREST service to be valid, the appropriate CREST
message (a ‘CREST Proxy Instruction’) must be properly
authenticated in accordance with the specifications of Euroclear
UK & International Limited (‘Euroclear’) and must contain
the information required for such instructions, as described
in the CREST Manual. The message, regardless of whether it
constitutes the appointment of a proxy or is an amendment
to the instruction given to a previously appointed proxy must,
in order to be valid, be transmitted so as to be received by the
issuer’s agent (ID 3RA50) by no later than 11.30am on Friday,
Shareholder Information
Shareholder Information
188 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
3 July 2026 or, in the event of an adjournment, 48 hours
before the adjourned time. For this purpose, the time of receipt
will be taken to be the time (as determined by the timestamp
applied to the message by the CREST Applications Host) from
which the issuer’s agent is able to retrieve the message by
enquiry to CREST in the manner required by CREST. After this
time, any change of instructions to proxies appointed through
CREST should be communicated to the appointee through
other means.
CREST members and, where applicable, their CREST sponsors
or voting service providers should note that Euroclear does not
make available special procedures in CREST for any particular
message. Normal system timings and limitations will therefore
apply in relation to the input of CREST Proxy Instructions.
It is the responsibility of the CREST member concerned to
take (or, if the CREST member is a CREST personal member
or sponsored member or has appointed a voting service
provider(s), to procure that their CREST sponsor or voting
service provider(s) take(s)) such action as shall be necessary to
ensure that a message is transmitted by means of the CREST
system by any particular time. In this connection, CREST
members and, where applicable, their CREST sponsors or voting
service providers are referred, in particular, to those sections of
the CREST Manual concerning practical limitations of the CREST
system and timings.
The Company may treat as invalid a CREST Proxy Instruction
in the circumstances set out in Regulation 35(5)(a) of the
Uncertificated Securities Regulations 2001 (as amended).
Corporate representatives
If you are a corporation, you may appoint one or more corporate
representatives who may exercise on your behalf all your powers
as a member provided they do not do so in relation to the same
A shares.
Nominated persons
A copy of this notice has been provided for information only
to persons who have been nominated by a shareholder to
enjoy information rights under section 146 of the Companies
Act 2006 (‘Nominated Persons’). The statement of the rights
of shareholders in relation to the appointment of proxies does
not apply to nominated persons as those rights can only be
exercised by members of the Company. However, a nominated
person may, under an agreement between them and the
shareholder by whom they were nominated, have a right to be
appointed as proxy for the AGM or to have someone else so
appointed. If a nominated person does not have such a right or
does not wish to exercise it, they may have a right under such
an agreement to give instructions to the shareholder as to the
exercise of voting rights.
If you have been nominated to receive general shareholder
communications directly from the Company, it is important to
remember that your main contact in terms of your investment
remains the registered shareholder or custodian or broker
who administers the investment on your behalf. Therefore, any
changes or queries relating to your personal details and holdings
(including any administration) must continue to be directed to
your existing contact at your investment manager or custodian.
The Company cannot guarantee to deal with matters that are
directed to it in error. The only exception to this is where the
Company, in exercising one of its powers under the Companies
Act 2006, writes to you directly for a response.
Joint holders
All joint holders of A shares can attend and speak at the AGM.
However, only the most senior joint holder listed on the register
of members relating to holders of A shares in respect of the joint
holding can vote. Seniority is determined by the order in which
the names of the joint holders appear in the register of members
relating to holders of A shares in respect of the joint holding (the
first-named being the most senior).
Where more than one of the joint holders purports to appoint
a proxy, only the appointment submitted by the most senior will
be accepted.
Further shareholder rights
Under section 527 of the Companies Act 2006, shareholders
that meet the threshold requirements set out in that section
have the right to require the Company to publish on a website
a statement setting out any matter relating to: (i) the audit of
the Company’s accounts (including the auditor’s report and the
conduct of the audit) that are to be laid before the AGM; or (ii)
any circumstance connected with an auditor of the Company
ceasing to hold office since the previous AGM at which annual
accounts and reports were laid in accordance with section 437
of the Companies Act 2006.
The Company may not require the shareholders requesting any
such website publication to pay its expenses in complying with
sections 527 or 528 of the Companies Act 2006. Where the
Company is required to place a statement on a website under
section 527 of the Companies Act 2006, it must forward
the statement to the Company’s auditor not later than the
time when it makes the statement available on the website.
The business which may be dealt with at the AGM includes any
statement that the Company has been required, under section
527 of the Companies Act 2006, to publish on a website.
Notice of meeting continued
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 189
Shareholders have the right to request the Company to:
(i) circulate, to those entitled to receive this notice, additional
resolutions to be voted on at the meeting; and (ii) include other
matters in the business to be dealt with at the AGM, if the
shareholders meet the requirements set out in sections 338 and
338A of the Companies Act 2006. The Company may refuse
to circulate a proposed resolution, or to include an additional
matter of business, if it is considered by the Company to be
defamatory, frivolous or vexatious or, in the case of a resolution,
if it would be ineffective for any reason (for example, it is
inconsistent with law or the Company’s constitution). A request
may be in electronic or paper form. It must state the proposed
resolution or the additional matter of business, be authorised by
the shareholders making it and be received by the Company
no later than six weeks before the AGM. A request for a
matter to be included in the business of the meeting must also
be accompanied by a statement setting out the grounds for
the request.
Name and address of the Company’s registrar
The Company’s registrar is Computershare Investor Services
PLC. They can be contacted via post at the following
address: The Pavilions, Bridgwater Road, Bristol BS99 6ZZ.
Their telephone number is +44 (0)370 707 1420.
Display documents
The following will be available for inspection at the Company’s
registered office during normal business hours (Saturdays,
Sundays and public holidays excepted) from the date of this
notice until 10.00am on the day of the meeting:
• copies of the executive directors’ service contracts;
• copies of the letters of appointment of the non-executive
directors; and
• a copy of the articles of association proposed to be adopted
by the Company pursuant to Resolution 20 (and a version
highlighting the proposed changes).
After 10.00am on the day of the meeting, these documents will
be available for inspection at the meeting venue until the end
of the meeting.
Information on website
A copy of this notice and other information required by
section 311A of the Companies Act 2006 can be found at the
Company’s website at www.youngs.co.uk/investors.
Total voting rights
As at 14 May 2026, the Company’s issued share capital
comprised 38,026,087 A shares with voting rights and
22,779,236 non-voting shares with no voting rights.
The Company holds no shares in treasury. The total number
of voting rights in the Company is therefore 38,026,087.
Data protection
The AGM may involve the processing of members’ personal
data by the Company. This includes all data provided by
members, or on their behalf, which relates to them as
members, including their names and contact details and the
votes they cast. The Company and any third party to which it
discloses members’ personal data (including our registrar) may
process this personal data for the purposes of compiling and
updating the Company’s records and fulfilling the Company’s
legal obligations.
Communication
Any address or number used for the purpose of sending or
receiving documents or information by electronic means that is
referred to in the Company’s 2026 annual report or any proxy
form for the Company’s 137th annual general meeting may not
be used to communicate with the Company for any purpose
other than any expressly stated.
Shareholder Information
Shareholder Information
190 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Notice of the 137th annual general meeting
of Young & Co.’s Brewery, P.L.C.
(the ‘Company’) to be held on Tuesday,
7 July 2026 is set out on pages 185 to 191.
Resolutions 1 to 16 are ordinary resolutions;
this means that for each of those resolutions
to be passed, more than half of the votes cast
must be in favour.
Resolution 1: annual accounts and reports
The directors have to lay copies of the Company’s annual
accounts, the strategic report, directors’ report and the auditor’s
report on those accounts and reports before you at a general
meeting; this is a legal requirement.
Resolution 2: directors’ remuneration report
For the first time, shareholders will have the opportunity to
cast an advisory vote on the directors’ remuneration report for
the financial period ended 30 March 2026 (excluding the part
containing the directors’ remuneration policy). The report is set
out in full on pages 93 to 113 of the annual report and accounts
for the financial period ended 30 March 2026. The directors’
remuneration report sets out the pay and benefits received
by each of the directors for the period. The vote is advisory
only and the directors’ entitlement to pay and benefits is not
conditional on this resolution being passed.
Resolution 3: directors’ remuneration policy
For the first time, shareholders will have the opportunity to cast
a binding vote on the directors’ remuneration policy, which sets
out the framework for directors’ remuneration. The directors’
remuneration policy is set out on pages 96 to 103 and shows
the proposed framework for how the Company will pay its
directors going forward.
The directors’ remuneration policy, if approved, will take effect
from the date of the AGM and will remain effective for up to
three years until replaced or amended by a new policy.
Resolution 4: final dividend
An interim dividend of 12.22 pence per share was paid on
5 December 2025. The directors are recommending a final
dividend of 12.22 pence per share for the period ended
30 March 2026, bringing the total dividend for the period to
24.44 pence per share. Subject to approval being given, the final
dividend is expected to be paid on 15 July 2026 to shareholders
on the register at the close of business on 5 June 2026.
Resolution 5: auditor appointment
An auditor is required to be appointed for each financial year
of the Company. Ernst & Young LLP, the Company’s current
auditor, has agreed to serve for the current financial period and
their re-appointment is therefore being proposed.
Resolution 6: auditor remuneration
In accordance with normal practice, the directors are asking
for your authority to determine the auditor’s remuneration.
Resolutions 7 to 14: re-appointment
of directors
In accordance with the UK Corporate Governance Code all
directors will be retiring at this meeting. All individuals are
seeking re-appointment; their biographies, details of their
contributions to the Company’s long-term success and other
relevant details are set out on pages 76 to 77.
Resolution 15: political donations
and expenditure
This resolution seeks renewal of the existing authority for the
Company and its subsidiaries to make or incur certain political
donations and political expenditure. Although there is no
intention to make or incur such donations or expenditure, the
legislation is very broadly drafted and may catch activities such
as funding seminars and other functions to which politicians are
invited and supporting certain bodies involved in policy review
and law reform. The authority given by this resolution will be
capped at £50,000 in total.
Resolution 16: directors’ authority to allot
shares, etc.
Paragraph (a) of this resolution would give the directors the
authority to allot shares or grant rights to subscribe for or
convert any securities into shares up to an aggregate nominal
amount equal to £2,533,555 (representing 20,268,440 shares
of 12.5 pence each). This amount represents approximately
one-third of the Company’s issued share capital as at
14 May 2026. In line with guidance issued by the Investment
Association, paragraph (b) of this resolution would give the
directors authority to allot shares or grant rights to subscribe for
or convert any securities into shares in connection with a rights
issue in favour of ordinary shareholders up to an aggregate
nominal amount equal to £5,067,110 (representing 40,536,880
shares), as reduced by the nominal amount of any shares
issued under paragraph (a) of this resolution). This amount
(before any reduction) represents approximately two-thirds
of the Company’s issued share capital as at 14 May 2026.
The directors are aware of the latest Investment Association
Share Capital Management Guidelines published in February
2023, which update the previous guidance to incorporate all
pre-emptive offers, not just rights issues. The directors have
decided that they will limit the relevant limb of the allotment
authority to rights issues in line with past practice but will keep
emerging market practice under review. The authority sought
under this resolution will expire at the end of next year’s annual
general meeting (or, if earlier, at 11.59pm on 30 September
2027). The directors have no present intention to exercise the
authority sought under this resolution. As at the date of the
notice, no shares are held by the Company in treasury.
Explanatory notes to the notice of meeting
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 191
Resolutions 17, 18, 19 and 20 are special
resolutions; this means that for each of those
resolutions to be passed, at least three-
quarters of the votes cast must be in favour.
Resolution 17 and 18: disapplication
of pre-emption rights
If the directors wish to allot new shares or other equity securities
for cash, the Companies Act 2006 requires that such shares or
other equity securities are offered first to existing shareholders
in proportion to their existing holdings. Resolutions 17 and
18 would give the directors the power to allot shares for cash
without first offering them to existing shareholders in proportion
to their existing holdings. The allotment of equity securities
as referred to in resolutions 17 and 18 includes the sale
of any shares, which the Company holds in treasury following
a purchase of its own shares.
The power set out in resolution 17 would be limited to:
(a) rights issues and offers to holders of other equity securities
if required by the rights of those securities, or as the directors
otherwise consider necessary;
(b) otherwise, allotments or sales up to an aggregate nominal
value of £760,066 (representing 6,080,528 shares and
approximately 10% of the nominal value of the issued share
capital of the Company as at 14 May 2026); and
(c) allotments or sales up to an additional aggregate nominal
amount equal to 20% of any allotments or sales made under
(b) above (so a maximum of 2% of the Company’s issued
ordinary share capital, up to an aggregate of £152,013 as at
14 May 2026), such power to be used only for the purposes
of making a ‘follow-on offer’ of a kind contemplated by
Section 2B of the Pre-Emption Group’s Statement of
Principles 2022 (‘PEG’s Statement of Principles’).
Resolution 18 is intended to give the Company flexibility
to make non-pre-emptive issues of ordinary shares in
connection with acquisitions and specified capital investments
as contemplated by PEG’s Statement of Principles. The power
under resolution 18 is in addition to that proposed by resolution
17 and would be limited to:
(i) allotments or sales of up to an aggregate nominal
amount of £760,066 (representing 6,080,528 shares
and approximately an additional 10% of the issued share
capital of the Company as at 14 May 2026); and
(ii) allotments or sales up to an additional aggregate nominal
amount equal to 20% of any allotments or sales made
under (i) above (so a maximum of 2%), such power to
be used only for the purposes of making a ‘follow-on
offer’ of a kind contemplated by Section 2B of PEG’s
Statement of Principles.
The limits in resolutions 17 and 18 are in line with those set out
in PEG’s Statement of Principles. The directors have no present
intention to exercise the powers sought by resolutions 17 or 18.
If the powers sought by resolutions 17 or 18 are used in relation
to a non-pre-emptive offer, the directors confirm their intention
to follow the shareholder protections in paragraph 1 of Part 2B
of PEG’s Statement of Principles and, where relevant, follow the
expected features of a ‘follow-on offer’ as set out in paragraph
3 of Part 2B of PEG’s Statement of Principles.
The powers sought under these resolutions will expire at
the end of next year’s annual general meeting (or, if earlier,
at 11.59pm on 30 September 2027).
Resolution 19: authority to purchase
own shares
The effect of this resolution is to renew the authority granted
to the Company to purchase up to 10% of the Company’s
issued shares (excluding and treasury shares). The Company
renewed its authority to purchase its own shares at its 2025
annual general meeting and announced on 17 November
2025 the intention to commence buying back ordinary shares
of 12.5 pence each in the Company with a value of up to
£10 million (the ‘Buyback Programme’). Purchases of ordinary
share pursuant to the Buyback Programme commenced on
17 November 2025 and will end no later than 6 July 2026
(being the business day prior to the AGM), unless the Buyback
Programme is otherwise extended, and such extension is
announced to shareholders via a Regulatory Information
Service. The authority sought under this resolution provides the
directors with the flexibility to keep under review the potential
to purchase further ordinary shares in the Company following
the AGM.
Shares purchased by the Company pursuant to this authority
may be held in treasury or may be cancelled. The Company
currently has no shares in treasury. The minimum price,
exclusive of expenses, which may be paid for a share is 12.5
pence. The maximum price, exclusive of expenses, which
may be paid for a share is the highest of (i) an amount equal
to 5% above the average of the middle market quotations for
a share of that class as derived from the Daily Official List of the
London Stock Exchange for the five business days immediately
preceding the date of the purchase, and (ii) the higher of the
price of the last independent trade and the highest current
independent bid on the trading venues where the purchase
is carried out at the relevant time.
Shareholder Information
Shareholder Information
192 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
As at 30 April 2026, the Company had options outstanding
over 850,232 A shares, representing 1.40% of the Company’s
issued share capital at that date. If the Company were to
purchase (and cancel) its own shares to the fullest possible
extent of its existing authority and of the authority sought
by this resolution, these options would then represent 1.70%
of the Company’s issued share capital. No warrants to subscribe
for shares are outstanding. The authority sought under this
resolution will expire at the end of next year’s annual general
meeting (or, if earlier, at 11.59pm on 30 September 2027).
Resolution 20: adoption of new articles
of association
It is proposed that the Company adopt new articles of
association (‘New Articles’) to update the Company’s
existing articles of association, which were first adopted on
1 October 2009 and most recently amended on 13 July
2010. The principal changes introduced in the new articles
are summarised below. These are intended to ensure that the
Company’s articles are compliant with the 2024 UK Corporate
Governance Code (the ‘UK CGC’) and reflect current market
practice for Main Market companies. If this resolution is passed,
the new articles will be adopted as the articles of association
of the Company with effect from the passing of this resolution.
The changes include:
(a) Suspension of rights: inclusion of provisions enabling the
Company to suspend or restrict shareholders’ rights if that
shareholder (or any person interested in those ordinary
shares) fails to comply with any statutory notice in respect
of their interests in the ordinary shares.
(b) Reappointment of directors: in line with the requirements
of the UK CGC, the New Articles require all directors
to retire (and should they wish to remain in office, seek
re-election) at each annual general meeting.
This requirement does not apply to directors in their first year
of appointment who were appointed in the period between
the AGM notice being issued and the AGM itself.
(c) Hybrid meetings: inclusion of provisions enabling the holding
of ‘hybrid meetings’, being a general meeting held at a
physical venue with additional facilities for shareholders to
attend the meeting by electronic means, reflecting current
market practice.
(d) Directors’ fee cap: amending the articles to increase the
aggregate fee cap for directors’ fees from £500,000 to
£1,000,000, reflecting both general inflation in the period
since the cap was last set and the growth of the Company in
that period, including from being an AIM to a Main Market
listed Company.
(e) Scrip dividends: the New Articles give the directors the
power to offer a scrip dividend (i.e. to offer shareholders
(excluding any shareholder holding ordinary shares as
treasury shares) the opportunity to receive extra ordinary
shares, which are credited as fully paid up, instead of some
or all of their cash dividend, subject to shareholders passing
an ordinary resolution authorising the directors to make
this offer.
A copy of the new articles (and a version highlighting the
proposed changes) will be available to view on the National
Storage Mechanism at https://data.fca.org.uk/#/nsm/
nationalstoragemechanism from the date of this notice and on
the Company’s website at www.youngs.co.uk/investors. The new
articles (and a version highlighting the proposed changes) will
also be on display at the place of the AGM from 15 minutes
prior to its commencement until its conclusion.
Explanatory notes to the notice of meeting continued
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 193
Directors and advisers
Directors
Steve Cooke
Independent Non-Executive Chairman
Simon Dodd
Chief Executive Officer
Mike Owen
Chief Financial Officer
Tracy Dodd
Chief People Officer
Torquil Sligo-Young
Non-Executive Director
Aisling Meany
Independent Non-Executive Director
Ian Dyson
Senior Independent Non-Executive Director
John Dunsmore
Independent Non-Executive Director
Company Secretary
Séverine Béquin
Stockbrokers
Peel Hunt LLP
100 Liverpool Street, London EC2M 2AT
Stifel Nicolaus Europe Limited
150 Cheapside, London EC2V 6ET
Registrar
Computershare Investor Services PLC
The Pavilions, Bridgwater Road, Bristol BS13 8AE
Auditor
Ernst & Young LLP
1 More London Place, London SE1 2AF
Banks
HSBC Bank plc
8 Canada Square, London E14 5HQ
Barclays Bank plc
1 Churchill Place, London E14 5HP
NatWest Bank plc
250 Bishopsgate, London EC2M 4RB
Solicitors
Slaughter and May
One Bunhill Row, London EC1Y 8YY
TLT LLP
One Redcliff Street, Bristol BS1 6TP
Managing your shareholding online
Computershare Investor Services PLC (‘Computershare’)
operates an online service, Investor Centre, for holders of shares
in the Company. Investor Centre allows shareholders to manage
their shareholding online, enabling shareholders to:
• update personal details and provide address changes;
• update dividend bank mandate instructions and review
dividend payment history;
• register to receive company communications electronically; and
• international shareholders can register payment instructions
to benefit from payments directly into a local bank account.
This service is not available in all countries.
Shareholders with any queries regarding their holding should
contact Computershare using the above contact details.
Shareholder fraud
Fraud is on the increase and many shareholders are targeted
every year. If you suspect that you have been approached
by fraudsters, please inform the FCA using the share fraud
reporting form at www.fca.org.uk/scams, where you can find
out more about investment scams. You can also call the FCA
Consumer Helpline on 0800 111 6768. If you have lost money
to investment fraud, you should report it to Action Fraud on
0300 123 2040 or online at www.actionfraud.police.uk.
Lost shareholders
The Company has appointed Georgeson, to help find ‘lost’
or ‘gone away’ shareholders, their dependents, descendants
or any other named beneficiary, to help reunite shareholders
with their unclaimed entitlements. Further information is
available on the Company’s website at: www.youngs.co.uk/
investors under shareholder information.
Shareholder offers
Details of shareholder discounts and offers are mailed to
shareholders from time to time. Any shareholder who does
not wish to receive details of such offers should write to the
Company Secretary at the registered office shown below.
Registered office and company number
Copper House, 5 Garratt Lane, Wandsworth, London SW18 4AQ
Registered number: 32762
Further information
Please visit: www.youngs.co.uk
Shareholder information
Shareholder Information
Shareholder Information
194 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Young’s pubs and hotels
How many have you visited?
Adam & Eve, Fitzrovia
Alban’s Well, St Albans (Closed)
Albert, Kingston-upon-Thames
Albion, City of London
Alexander Pope, Twickenham
Alexandra, Wimbledon
Alfie’s, Winchester
Alma, Wandsworth
Althorp, Wandsworth
Aragon House, Parsons Green
Bath Brew House, Bath
Bath Cider House, Bath
Bear Inn Hotel, Esher
Bear, Cobham
Bear, Oxshott
Beaufort, Hendon
Bedford Arms, Chenies
Bell Hotel, Stow-on-the-Wold
Bell, Fetcham
Belle Vue, Clapham
Betjeman Arms, St Pancras
Bickley, Chislehurst
Bishop, Kingston-upon-Thames
Bishop’s Vaults, Bishopsgate
Blue Boar, Chipping Norton
Boathouse, Instow
Boathouse, Putney
Bow Street Tavern, Covent Garden
Brewer’s Inn, Wandsworth
Bridge Hotel, Chertsey
Bridge, Barnes
Britannia, Kensington
Brook Green Hotel, Hammersmith
Buckingham Arms, Westminster
Bull & Gate, Kentish Town
Bull, Bracknell
Bull, Ditchling
Bull, Streatham
Bull, Westfield Shepherd’s Bush
Bull’s Head, Barnes
Bull’s Head, Chislehurst
Bunch of Grapes, London Bridge
Cambridge Brew House, Cambridge
Canbury Arms, Kingston-upon-Thames
Candlemaker, City of London
Canford Hotel, Poole
Canonbury, Islington
Carnarvon Arms, Newbury
Carpenter’s Arms, Tonbridge
Case is Altered, Middlesex
Castle, Islington
Castle, Tooting
Cat & Mutton, Broadway Market
Chelsea Ram, Chelsea
Chequers Inn, Hanham Mills
Chequers, Walton-on-the-Hill
Cherry Tree, East Dulwich
City Gate, Exeter
Clapham North, Clapham
Clarence, Westminster
Cliftonville Hotel, Cromer
Coach & Horses, Barnes
Coach & Horses, Greenwich
Coach & Horses, Isleworth
Coach & Horses, Kew
Coat & Badge, Putney
Coborn, Mile End
Cock & Bottle, Notting Hill
Cock Tavern, Fulham
Constitution, Camden
Cooper’s Arms, Chelsea
Cork, Bath
County Arms, Wandsworth
Cow, Westfield Stratford
Crooked Billet, Clapton
Crooked Billet, Wimbledon
Crown & Anchor, Chichester
Crown Hotel, Chertsey
Crown Inn, Minchampton
Crown, Bow
Crown, Lee
Crown, Twickenham
Curtains Up, West Kensington
Cutty Sark, Greenwich
Daly’s Wine Bar, Temple
Defector’s Weld, Shepherd’s Bush
Devonshire, Balham
Dial Arch, Woolwich
Dirty Dicks, Bishopsgate
Dog & Fox, Wimbledon
Double Locks, Exeter
Duchess of Kent, Islington
Duke of Cambridge, Battersea
Duke of Clarence, Kensington
Duke of Wellington, Notting Hill
Duke on the Green, Parsons Green
Duke’s Head, Putney
Duke’s Head, Wallington
Dunstan House Inn, Burnham-on-Sea
Eagle, Shepherd’s Bush
East Hill, Wandsworth
Elgin, Notting Hill
Enderby House, Greenwich
Fellow, King’s Cross
Fentiman Arms, Oval
Finch’s, Moorgate
Fire Stables, Wimbledon
Flask, Hampstead
Foley, Claygate
Founders Arms, Southbank
Fox & Anchor, Smithfield Market
Garrison, Bermondsey
George Hotel, Cheltenham
George Street Social, Oxford
Georgian Townhouse, Norwich
Grand Junction Arms, Harlesden
Grange, Ealing
Young & Co.’s Brewery, P.L.C. | Annual Report 2026 195
Grantley Arms, Wonersh
Green Goose, Bow
Green Man, Putney
Greyhound, Carshalton
Griffin Inn, Fletching
Grocer, Spitalfields
Grove, Balham
Grove, Exmouth
Guard House, Woolwich
Guinea, Mayfair
Half Moon, Putney
Half Moon, Windlesham
Halfway House, Earlsfield
Hammersmith Ram, Hammersmith
Hand & Spear, Weybridge
Hand in Hand, Wimbledon
Hare & Hounds, East Sheen
Highbury Vaults, Bristol
Hollywood Arms, Chelsea
Home Cottage, Redhill
Hope & Anchor, Brixton
Hort’s Townhouse, Bristol
Hoste, King’s Lynn
Huntsman, New Forest
King Street Brew House, Bristol
King’s Arms, Chelsea
King’s Arms, Oxford
King’s Arms, Wandsworth
King’s Head, Islington
King’s Head, Roehampton
King’s Head, Winchmore Hill
Lamb Tavern, Leadenhall Market
Lamb, Bloomsbury
Lamb, Hindon
Larkshall, Chingford
Lass O’Richmond Hill, Richmond
Leather Bottle, Earlsfield
Leman Street Tavern, Aldgate
Libertine, Bournemouth
Lighthouse, Battersea
Lion & Unicorn, Kentish Town
Lock Keeper, Keynsham
Lockhouse, Paddington
Lord Palmerston, Tufnell Park
Manor Arms, Streatham
Market House, Reading
Marlborough, Richmond
Marquess of Anglesey,
Covent Garden
Merlins Cave, Chalfont St Giles
Mill, Cambridge
Mitre, Lancaster Gate
Mitre, Shaftesbury
Morpeth Arms, Westminster
Mulberry Bush, Southwark
Narrowboat, Islington
Naturalist, Hackney
Nell Gwynne Tavern, Covent Garden
New Inn, Ealing
Nightingale, Balham
Nine Elms Tavern, Battersea
No 38 Park Hotel, Cheltenham
Northcote, Battersea
Old Bicycle Shop, Cambridge
Old Brewery, Greenwich
Old Firehouse, Exeter
Old Manor, Potters Bar
Old Shades, Westminster
Old Ship, Hammersmith
Old Ship, Richmond
Old Ticket Office, Cambridge
One Tun, Fitzrovia
Onslow Arms, West Clandon
Orange Tree, Richmond
Owl & Pussycat, Shoreditch
Oyster House, Swansea
Oyster Shed, Bank
Park Hotel, Teddington
Paternoster, St Paul’s
Penny Black, Leatherhead
Peoples Park Taven,
Hackney (Tenanted)
Petersfield, Cambridge
Pheasant Inn, Lambourn
Phene, Chelsea
Phoenix, Chelsea
Phoenix, Victoria
Plough Oxford, Oxford
Plough, Clapham Junction
Pontcanna Inn, Cardiff
Porchester, Westbourne Grove
Potters, Newport
Pride of Paddington, Paddington
Prince Albert, Battersea
Prince Alfred, Maida Vale
Princess of Wales, Clapton
Queen Adelaide, Wandsworth
Queen of the South, Lambeth
(Tenanted, Closed)
Queens, Primrose Hill
Red Barn, Lingfield
Red Lion, Cambridge
Red Lion, Radlett
Richard the First, Greenwich
Rising Sun, Richmond
Riverside, Vauxhall
Riverstation, Bristol
Roebuck, Hampstead
Rose & Crown, Wimbledon
Roundhouse, Wandsworth
Royal Oak, Bethnal Green
Seagate Hotel, Appledore
Shaftesbury, Richmond
Ship Inn, East Grinstead
Ship Inn, Noss Mayo
Ship, Wandsworth
Smiths of Smithfield, Smithfield Market
Spotted Horse, Putney
Shareholder Information
Shareholder Information
196 Young & Co.’s Brewery, P.L.C. | Annual Report 2026
Cubitt House
Spread Eagle, Camden
Spread Eagle, Wandsworth
Spring Grove, Kingston-upon-Thames
St Aldates Tavern, Oxford
St Andrews Brew House, Norwich
Stag, Belsize Park (Tenanted)
Station Hotel, Hither Green
Station Tavern, Cambridge
Swan, Walton-on-Thames
Tattenham Corner, Epsom
Tellers Arms, Farnham
Temple Brew House, Temple
The Depot, Kidbrooke Village
Theodore Bullfrog, Charing Cross
Three Crowns, Shoreditch
Tivoli, Cambridge
Trafalgar Arms, Tooting
Trinity Arms, Brixton
Turks Head, Exeter
Victoria, Kingston-upon-Thames
Village Inn, Ealing
Walkers of Whitehall, Westminster
Waterfront, Wandsworth
Waterman, Cambridge
Waterside, Fulham
Westgate, Winchester
Weyside, Guildford
Wheatsheaf Hotel, Northleach
Wheatsheaf, Borough Market
Wheatsheaf, Esher
White Bear, Kennington
White Bear, Tunbridge Wells
White Cross, Richmond
White Hart, Barnes
White Hart, Ford
White Hart, Sherfield On Loddon
White Horse, Hascombe
White Lion, Tenterden
Windmill, Clapham
Windmill, Mayfair
Wood House, Dulwich
Woolpack, Bermondsey
Worplesdon Place, Guildford
Alfred Tennyson, Belgravia
Barley Mow, Mayfair
Builders Arms, Chelsea
Coach Makers Arms, Marylebone
Duke of Connaught, Belgravia
Grazing Goat, Marylebone
The Orange, Pimlico
Princess Royal, Notting Hill
Thomas Cubitt, Belgravia
Young’s pubs and hotels continued
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Young & Co.’s Brewery, P.L.C.
Telephone: 020 8875 7000
Fax: 020 8875 7100
www.youngs.co.uk
Registered in England number 32762