Plans have been revealed by Guinness' foreign owners to move the world famous brewery to another site, with the loss of hundreds of jobs.

The London based multi-national has revealed that most of the iconic St James' Gate facility is to be sold for development, valued at around €3 billion at the height of the property boom.

The brewery is however planning to keep a token presence at the site after PR executives at the company advised the loss of the St James' gate imagery would harm export sales.

It is understood the company is also considering making its brewing operations into a separate company which might be quoted separately on the London, and possibly Dublin, stock exchanges.

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This is only the second move for Guinness in its history since it moved from Lexlip to St James Gate by founder Arthur Guinness in 1795, but the new plans mean it will be produced at a site at Grange Castle, Clondalkin, in west Dublin.

However, last year Dublin City Council said they would put forward a motion to prevent planning permission ever being granted for development of the site thus making it very difficult for Diageo to sell off the facility for residential development.

Guinness & Co. makes almost €2 billion annually from the black stuff, and the brand is also brewed under licence internationally in several countries, including Nigeria and Indonesia.

The unfermented but hopped Guinness wort extract, or essence, is shipped from Dublin and blended with beer brewed locally.

Diageo have arranged a press conference to take place on Friday morning to discuss the move.

See: Guinness To Shut St James Gate?

(DW/JM)