Young's, the family-controlled brewery, has fought off the latest attempts by the Guiness Peat Group (GPG) to force corporate action on the company.

At Young's annual general meeting, shareholders voted overwhelmingly against a GPG resolution, defeating the motion to take the company private. GPG owns 25 per cent of the A shares, but only 10 per cent of the votes, and has been calling for a restructuring of the company for four years.

In his annual statement, John Young, chair of the London-based Young and Co's, said that recent signs were positive: Trading during the first quarter has been good, with turnover, beer volumes and profits all ahead of the same period last year.

Mr Young said of the GPG proposal: For the fourth year running, shareholders have resoundingly rejected a proposal from Guiness Peat. I very much hope that Guiness Peat will take note of the outcome of this vote.

Blake Nixon, UK executive director of GPG suggested that the fight was far from over: There are lots of ways of skinning a cat, he said.