Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-The auction by brewer Scottish & Newcastle (S&N) of its 1,450-strong pub chain is expected to see at least seven bidders submit second-round offers today.

The £2.3 billion ($3.6 billion) auction will enter its second phase tomorrow and is expected to see some of the contenders joining up to form consortia. Simon and David Reuben are understood to have submitted the highest indicative offer last month but are in talks with a venture capitalist and Japanese bank Nomura about making a joint over.

At least seven bidders are expected to submit new offers including Pub groups Pubmaster and Spirit, both backed by venture capitalists. Other interested parties include Mitchells & Butlers, French private equity group PAI and CVC/Cinven.

The book value of the estate, which includes Chef & Brewer, Rat & Parrot and Premier Lodge, has been put at £2.3 billion ($3.6 billion) but city analysts expect it to fetch at least £200 million ($315.6 million) more.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.