A DROP in profits of 15 per cent at Thwaites brewery last year has been blamed on the wettest summer for more than 100 years and the consumer environment.

The Blackburn-based firm, which posted profits of £10.5million, said it had had to respond to a ‘challenging trading environment’ over the past 12 months.

A report into the firm’s financial position revealed a turnover of £136.4m, which is a 0.6 per cent decrease on last year.

Tough trading conditions are said to have seen net debt for the pub firm increasing from £45million in 2012 to £56.8m this year.

Thwaites chairman Ann Yerburgh said: “The impact of the wettest summer for over 100 years and the consumer environment, particularly in the North West, has had a detrimental effect on the performance of our pub estate and beer company.

“Since the beer duty escalator was introduced in 2008, tax on beer has increased by 42 per cent which has caused long-term damage to the pub industry.”