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Watney, Combe, Reid and Co Ltd was formed in 1898 when a merger was negotiated between Watney and Co Ltd of the Stag Brewery, Pimlico; Combe and Co Ltd of the Wood Yard Brewery, Long Acre and Reid's Brewery Co Ltd, of the Griffin Brewery, Clerkenwell. Following the merger the company was the largest brewing concern in the United Kingdom, and was based at Watney's Stag Brewery in Pimlico.
In 1953 Watney purchased (jointly with Beecham Group Ltd) the franchise for Coca-Cola in south and northwest England, setting up Coca-Cola Southern Bottlers Ltd in 1956.
In 1956 it was decided that the Stag Brewery offered no further scope for expansion. Mann, Crossman and Paulin Ltd of Whitechapel was acquired to provide a new London brewery, and its name was changed to Watney Mann Ltd.
In 1962 the trading assets of Watney Mann Ltd were transferred to Watney, Combe, Reid and Co Ltd and it became a holding company. In 1972 Watney Mann was acquired by Grand Metropolitan Hotels and was merged with Truman, Hanbury, Buxton and Co Ltd in 1974. In the 1990s it was Watney Mann and Truman (Holdings) Ltd.