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02
Jun
Profits down but turnover up at Masham brewer
T&R Theakston, the Masham brewer best known for its Old Peculier ale, saw increased turnover but a fall in profits in 2025, according to its full end-of-year accounts published this week.
The company said it remained “cautious” about the market outlook for 2026, as it reported that turnover last year grew by 5% to £9.2 million, but pre-tax profits dropped by 72% from £271,000 to just £76,000.
The company continued to increase market share in all domestic sales channels, and the end-of-year strategic report noted that consumer demand for both its cask and bottled ales drove growth in markets that were otherwise depressed.
Total cask ale volumes grew by over 3%, led by Theakston Old Peculier and Theakston XB. Off trade volumes grew by 13%, including successful launches of Nowt Peculier 0.0% and Salted Caramel Porter.
Theakston's Old Peculier.
The strategic report noted:
The company continued its cautious approach to price increases looking to minimise the cost pressures on its pub customers and their consumers, recognising significant ongoing pressures on consumer spending. However, no compromise was made on continuing to buy the best malt and hops for its beers.
Theakston’s said the introduction of new packaging taxes had increased costs by around £300,000. This included 12 months’ worth of Extended Producer Responsibility (EPR) taxes, which are intended to shift the financial burden of waste management from local governments and consumers onto the businesses that produce or import packaging. They force companies to cover the costs of recycling and disposing of household packaging, incentivising the use of eco-friendly materials.
Richard Bradbury, managing director of Masham brewer T&R Theakston.
Richard Bradbury, managing director of T&R Theakston, said:
We’re pleased to report another year of growth. These results highlight that our continued commitment to producing high quality beer, supporting our pub customers and listening to our consumers, is having a positive impact on our business.
While our pre-tax profit may have decreased, the majority of this is the result of increased packaging taxes. It is also reflected in our ongoing work to minimise the cost pressures on our pub customers and their consumers, by ensuring price increases are kept as low as possible so that we all remain profitable and sustainable in this difficult economic environment.
The solar panels are fitted to the south-facing roofs.
Continuing the environmental theme, Theakston’s said its increased capital investment in the brewery included the installation of solar panels, which would reduce its exposure to energy price increases.
The end-of-year report stated:
T&R Theakston remains cautious about the market outlook for 2026. Persistent inflationary pressures affect the viability of its pub customers, and global economy uncertainty continues to impact decision making by businesses and consumers.
However, with demand for its products growing, and with further innovation planned, the company is well-placed to out-perform its peers.
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