17 March 2021

Information within this announcement is deemed by Young's to constitute inside information under the UK Market Abuse Regulation.

Young & Co.'s Brewery, P.L.C.

("Young's" or the "Company")

Reopening, dividend and financing update

Notification pursuant to AIM Rules 11 and 17

Young's provides the following update in light of the ongoing Covid-19 situation and the announcement of the Government's Roadmap for the easing of lockdown restrictions, which should provide some certainty about the Company's plans to reopen its pubs.

Reopening

Young's expects to reopen about 140 of its managed pubs with outdoor spaces on or around 12 April. Assuming the Roadmap timetable is followed, the rest of the Company's managed estate should open on or around 17 May with restricted indoor trading, ultimately leading to the Company operating under more normal trading conditions from 21 June. If this reopening schedule proceeds as planned, the Company expects to deliver a positive cash flow in May.

Dividend

In view of the extensive period of closure of the Company's pubs in the current financial year and the expected lower levels of trade during the first three months of the Company's new financial year starting on 30 March 2021 ("FY2021/22"), the Company will not be paying any dividend for the current financial year. The Company's board is very mindful of the importance of dividends to Young's shareholders and intends resuming dividend payments as soon as is appropriate, although no decision has been made when that will be. The Company has, however, agreed with NatWest and the holders of its senior secured notes that any dividend payments during FY2021/22 will not exceed £5 million in aggregate, but there is no restriction on the Company recommending a final dividend with its results for FY2021/22, payable in the following financial year, as normal.

Financing

The noteholders and the Company's banks have agreed to extend the Company's monthly available liquidity test up to and including March 2022, with a headroom requirement of £25 million.

The Company will shortly be seeking an extension, through to November, of its £20 million bilateral revolving credit facility with NatWest.

In May, the Company will repay the £30 million borrowed through the Covid Corporate Financing Facility from existing facilities.

On the basis of the above, the Company will have committed available facilities of £255 million (inclusive of the £25 million required to meet the available liquidity test referred to above).

- Ends -

Anthony Schroeder

Company Secretary

17 March 2021 (15:45 GMT)

Tel: 020 8875 7000

Contacts:

Young & Co.'s Brewery, P.L.C.                                                                                                 020 8875 7000

Patrick Dardis, Chief Executive / Mike Owen, Chief Financial Officer

J.P. Morgan Cazenove (AIM nominated adviser and joint broker)                                 020 7742 4000

James Mitford / Ameya Velhankar

Panmure Gordon (joint broker)                                                                                             020 7886 2500

Erik Anderson   

MHP Communications                                                                                                             020 3128 8742

Tim Rowntree / Alistair de Kare-Silver                                                                                   youngs@mhpc.com