British brewer Scottish & Newcastle is selling its pub, restaurant and hotel units as it seeks to broaden its drinks portfolio.
The group will offload its 1,450 pubs (including the Chef & Brewer chain) and its Premier Lodge budget hotels. It values the assets at around £2.3 billion ($3.7bn; €3.3bn) in its accounts.
S&N – brewer of such beers as Kronenbourg, John Smith’s, Fosters and Scottish Courage – will use the proceeds to go on a European booze cruise. It has already agreed to buy H P Bulmer Holdings, owner of Strongbow cider, and is in advanced negotiations to take full control of Portugal’s Sociedade Central de Cervejas.
Data sourced from: The Wall Street Journal Online; additional content by WARC staff