Heineken buys 918 British pubs
LIQUOR NEWS
IOL Business - Dec 5th 2011, 08:15
Amsterdam - Dutch brewer Heineken NV says it has purchased Galaxy Pub Estate, owner of 918 pubs in Britain, from Royal Bank of Scotland PLC for 412 million pounds ($646 million) in cash.
The pubs that Galaxy owns are already managed by Heineken's subsidiary Scottish & Newcastle. Heineken says it plans to combine the Galaxy properties with 462 other bars it owns in Britain, making it one of the country's largest pub owner and operators.
Heineken said the properties purchased had an operating profit before depreciation and amortization of 52.3 million pounds ($82
million) over the last 12 months.
Heineken will take a charge of 28 million pounds ($44 million) in the fourth quarter for terminating leases and other costs associated with the acquisition. - Sapa-AP
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