Scottish & Newcastle (S&N) said trading in the first six months of the year was better than in the same period in 2003 and it expected to meet its financial objectives for 2004. It is currently carrying out closures, including of its Tyne brewery, as part of a cost-cutting regime which it said would save £60m by 2006.
The members of the Northern Club Federation Brewery (NCFB) have approved its sale to S&N. The deal is expected to be completed this month if clearance is given by the Office of Fair Trading. S&N plans to move its Tyne brewing operations to the NCFB by March next year.