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Scottish & Newcastle Puts its Pubs on the Market

LONDON-Super-brewer Scottish & Newcastle confirms it wants to focus on being an international brewer and says it will sell its 1,450 pubs, restaurants and lodges outright after abandoning plans for a sale-and-manage-back disposal.

By Charlie Jacoby | Updated on April 29, 2003

LONDON-The Board of Scottish & Newcastle says it intends to sell all of its managed retail business of 1,450 pubs, restaurants and lodges. The move will help S&N recover its core position of international brewer: it has just bought cider maker Bulmer and is in talks to buy Portuguese brewer Sociedade Central de Cervejas.

S&N Retail’s estate has high average sales per unit at £14,000 ($22,000) per week, with a significant bias to food-led and suburban locations, notably through the Chef & Brewer chain. In Premier Lodge, S&N Retail has the third largest budget hotel brand in the UK, with 8,200 rooms. In the year to April 2002, the current estate of S&N Retail generated EBITDA of £272 million ($433 million) on turnover of just more than £1 billion ($1.6 billion). The current net book value of the retail business is circa £2.3 billion ($3.7 billion).

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