Tue, 06 Dec 2011 | BUSINESS SALE
Dutch brewer Heineken has acquired almost 1,000 pubs located across the UK from Royal Bank of Scotland (RBS) in a £422 million deal.
The 918 tenanted pubs within the Galaxy pub group have been managed by Heineken subsidiary Scottish & Newcastle since 1999 on behalf of RBS.
Now, Heineken is set to pay Scottish & Newcastle £10 million in order to wind-up this contract and take full control over the pubs once again.
The state-controlled RBS was keen to offload the pubs as part of its ongoing drive to move away from non-core business interests.
Managing director of Heineken UK, Stefan Orlowski, told the BBC, “There continues to be an important role for the great British pub in the UK on-trade, and this acquisition is a significant vote of confidence in the channel.
“Owning the Galaxy freehold will allow us to continue the successful transformation of our pub business, concentrate on operational excellence and deliver long-term value from a high-quality, well invested pub estate,” added Mr Orlowski.
The brewer has confirmed that existing Scottish & Newcastle pub tenants will continue to operate their businesses 'as usual' following the acquisition.
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