Adnams, the Suffolk brewer and hotel owner, looks like it might have seen off activist investor Guinness Peat.
The family controlled company, which dominates the gentle resort town of Southwold popularly known as Islington-on-sea, has faced criticism from Guinness Peat for a number of years for its financial performance and its expansion plans.
But earlier this year the activist investor said it had decided to cash in most of its investments to concentrate on its Coats textiles business, bought in 2003. So on Monday Adnams - which is quoted on the junior Plus market - announced Guinness Peat no longer had a notifiable interest in the company. Under Plus rules this means Guinness Peat must have cut its stake from the previous 5.4% figure to below 3%. But according to analyst Mark Brumby at Langton Capital, Guinness Peat is understood to have sold all of its shares.
On Plus, Adnams shares are steady at 9p, valuing the business at almost £26m.
