S&N sold ist pubs
It’s done. And about time too. The long battle over Scottish &Newcastle’s retail estate is over. Behind the scenes a bidding war has dragged on for more than five months ever since S&N announced in April that it would pursue a sale of the whole of the managed retail business. On 6 October 2003 S&N sold the business to Spirit Amber Bidco for total proceeds of GBP2.5 billion. The net figure is GBP2.43 billion - the adjustment factors are £32m for S&N’s pension plan and intra-company debt. The net figure equates to about 8.4x EV/EBITDA, which is towards to the top-end managed pub market valuations, according to market observers.
In the year to 27 April 2003, S&N Retail’s turnover was GBP1.04 billion, with operating profits of GBP228 million from net operating assets of GBP2.2 million..
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