X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-The UK’s biggest brewer Scottish & Newcastle (S&N) has sold its pubs, restaurants and hotels business to the Spirit Amber Bidco consortium for £2.5 billion ($4.2 billion).

The consortium, made up of US investment bank Blackstone, Texas Pacific, CVC Capital Partners and Merrill Lynch, is paying cash for S&N Retail, which manages 1,406 pubs, restaurants and hotels.

The purchaser has also agreed a supply deal with S&N, in which it agrees to buy the brewer’s own-brand products for the acquired pubs. The wine supply deal runs for five years, while beer and cider will be supplied for seven years.

The sale is part of S&N’s exit from the managed pubs sector to focus on its international brewing activities. The deal is expected to go through in November, subject to approval from S&N shareholders.

In the year to April 2003, S&N Retail’s net operating assets totalled £2.2 million ($3.7 million) and it generated an adjusted operating profit of £228 million ($3.8 million). Estate brands Its brands include Chef & Brewer, Premier Lodge, John Barras and T&J Bernard.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.