The company that brews Guinness has begun a review of its operations in Ireland but says no decision has been made on moving the St James's Gate brewery to a greenfield site outside Dublin.
Diageo said the review was at a "very early stage" and said reports that it planned to move from Dublin's Liberties were "speculation".
"The Diageo brewing business is considering a number of important investment decisions on upgrading and renewing its brewing facilities in Ireland in the coming years," the company said in a statement yesterday. "No decisions have been made or will be made until the assessment is completed."
The 64-acre St James's Gate site, where Arthur Guinness started brewing in 1759, could be worth at least €1 billion if the company moved out, according to estimates.
Sales of Guinness have declined in the past decade as tastes change and the appetite for wine, spirits, cider and imported beer grows.
David Gosnell, Diageo's managing director for global supply, said it would be 2008 at least before the company completes its review. "Diageo fully recognises the huge importance of St James's Gate in the history of Guinness and Dublin city and this important aspect of our brand and heritage will be fully embraced in the assessment," he said.
Guinness is brewed at almost 50 sites around the world but about 500 million litres of stout are still produced in Dublin. The brewery is Ireland's most popular tourist attraction.
