THWAITES chairman Ann Yerburgh is to step down at the end of March after 18 years in the post.

She will be replaced by current chief executive Rick Bailey.

Mrs Yerburgh revealed the change in her chairman’s statement introducing the brewery company’s interim report for the six months to September 30, 2017.

She also revealed that the contract for the demolition of the firm’s former Star Brewery in Blackburn town centre has been awarded following the move of operations to the Ribble Valley.

She said knocking the historic buildings down has now started and is expected to take a year.

Highlights of the report include:

n Turnover up four per cent to £49.9million compared to £48m for the same period in 2017.

n Operating profit up four per cent to £8m compared to £7.7m for the same period in 2017.

n The completion of the relocation of brewery, offices and stables from Blackburn to Sykes Holt near Mellor Brook.

n A slowing of the company’s investment programme in the face of political uncertainty.

n Earnings per share of 8.5p down from 9p for the same period in 2017.

n An interim dividend of 1.10p per share.

n The reopening of The Beverley Arms Hotel in Yorkshire after a £6m investment.

The report also revealed that the company’s net debt at September 30, 2018, was £70.2m, up from £60.9m 12 months ago largely because of the move from Blackburn.

Mrs Yerburgh said: “After 18 years as chairman, I intend to step down from that role at the end of the current financial year. I will be replaced by Rick Bailey, our chief executive, who, with the support of the rest of the board and our family shareholders, will become executive chairman.

“The company is in good shape following a prolonged period of investment and our financial results have moved forward in a challenging market.

“Our pubs, inns and hotels are now in a strong position to weather any further changes in the market.

“The company has benefited from some excellent summer weather and a good football World Cup run in the first half of the year

“We have a differentiated approach to the beer and pub market that is shaped around our ability to offer our own award-winning beers for sale exclusively in our own properties.”

Mrs Yerburgh expressed her delight at the company’s move from Blackburn.

She said: “The construction of our new brewery, offices and stables is now finished and we were very pleased to move there in September.

“We have awarded the demolition contract for our old brewery site, which will take just over a year to complete.

“This is a momentous change that should not be understated in our ambition to evolve our business for the future leaving behind our industrial past, while not failing to acknowledge its place in our heritage.

“These past six months have cemented the delivery of a longer-term plan and there is much to celebrate.

“However, there is no doubt that the second half of this year will be a challenge, particularly in our hotels business, which is having to absorb cost increases that we are struggling to recoup through sales growth.

“While I firmly believe that our business is in a strong position to move forward into the future, we face challenges to our trade, which are almost exclusively politically induced.”

The report also highlighted major pub refurbishments including at The Millstone, Darwen and The Holcombe Tap, Ramsbottom.

It noteed: “Our inns have also had a good summer, with turnover up by 27 per cent and operating profit up by 25 per cent..”