Young’s is to pull out of brewing after selling its 40% shareholding in Wells & Young’s Brewing Company to Charles Wells for £15.1m.

Wells & Young’s was formed in 2006 following the merger of both company’s brewing operations, with Charles Wells holding a majority 60% stake.

Charles and Well’s is to pay £15.1 million in cash with £5.1 million payable in February 2012, and the remaining £10 million being payable in two equal amounts in February 2013 and February 2014.

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