Royal Bank of Scotland (RBS) is to sell its tenanted pub business of 918 pubs to the Scottish and Newcastle Pub Company (S&NPC) for £418m.
The business has been operated since 1999 by S&NPC under a management agreement. S&NPC is a subsidiary of Dutch brewer Heineken.
In the year ended 31 December 2010, earnings before interest, tax, depreciation and amortisation generated under the terms of the management agreement was £45m. As at 31 December 2010, the business's combined gross asset value was £406m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The sale is part of RBS's strategy of selling its non-core assets to pay off UK tax payers who ended up owning over 80% of the bank following the financial crisis of 2008.
BS
-
8 of the best properties for sale with mountain viewsThe best properties for sale with mountain views – from a former monastery in Brecon Beacons, Wales, to a house on St Lucia with views over the Piton Mountains
-
Spot the Dog: £67bn in underperforming funds revealedAround 137 funds consistently underperformed their benchmark, BestInvest's Spot the Dog report finds. Which funds are in the dog house?
