Adnams has successfully staved off a sizeable shareholder revolt at its annual general meeting this week.

The shareholders - many of whom come from Southwold or the surrounding area - are angry about the Suffolk pubs and brewery group's financial performance.

At the AGM - held on Thursday (June 27) at Snape Maltings - more than a third reportedly opposed the re-appointment of chairman Jonathan Adnams and senior independent director Stephen Sharp for another three-year term.

Many hospitality businesses have faced a tough few years after taking a huge hit from the pandemic, the aftermath of the invasion of Ukraine and the cost-of-living crisis.

Although it still has a strong balance sheet because of the assets it owns, Adnams suffered a £4m loss in the last financial year.

Adnams chairman Jonathan Adnams (Image: Adnams)

Shareholders have not received a dividend since 2019 and shares have plummeted in value from more than £100 in 2020 to around £21 now.

One substantial but minor shareholder reportedly stood up at the AGM and complained that more than half a million pounds had been wiped off the value of his shares over the past few years.

Mr Adnams has already announced his intention to retire next year and longstanding chief executive Andy Wood has just been succeeded by Jenny Hanlon.

Earlier this year, the company appointed restructuring consultants Alvarez & Marsal as it looks to raise additional capital from a third party or the sale of freehold assets to help pay down the company’s net debt of £15.9m.

More then 100 shareholders were said to be at the closed AGM - held at Snape's Britten Studio.

The motion to re-appoint Mr Adnams was passed despite 36% of shares voting against - with the final tally believed to be 454k in favour and 263k against.

Mr Sharp's reappointment is believed to have been unsuccessfully opposed by 37% of shares with 450k in favour and 266k against.

One unhappy shareholder - who asked to remain anonymous - said a number expressed concern.

"There were so many people who were so cross," he said. "It was polite but simmering anger."

He felt there had been a long period of decline and he was also concerned about the company carrying £15.9m debt with the bank. Many shareholders had lost a lot of money, he said.

Adnams brewery in Southwold (Image: Adnams)

However, there was a strong sense of loyalty to the brand and its associations with the town, he added.

"It's such an important part of Southwold," he said. "I think people were pretty sympathetic for getting it sorted but they wanted to see some action."

A spokesperson for Adnams said: "In the face of extremely challenging headwinds for the industry, Adnams is grateful to its customers, team and its shareholders for their unwavering loyalty and support throughout the year.

"We always consider our AGM an important opportunity for those who care about our brand as much as we do, to express their views. We welcome and respect that.

"From July 1 we enter a new era under the helm of our new CEO Jenny Hanlon, focused on driving revenue growth and ensuring the brand continues to innovate and to appeal through the products and experiences it offers its customers."

The company can trace its roots back to 1872, when George and Ernest Adnams purchased the Sole Bay Brewery from William Crisp. Adnams and Co was established in 1890.