Whitbread sells pubs

That’s it. Another pubs estate has been sold to a bank. Whitbread, the hotels, restaurants and leisure operator, announced the sale of its 3,000-strong pub division to Morgan Grenfell Private Equity. The price was £1.625bn (US$2.3bn). Whitbread also said that around £1.13bn (US$1.6bn) would be returned to its shareholders via a cash payment and would include a loan note alternative. The payout for shareholders is expected to be completed by June.
Morgan Grenfell Private Equity, a Division of Deutsche Bank, is a new entrant to the sector. It has named Ian Payne, formerly Managing Director of Hilton’s Ladbroke casinos division, as CEO of the company that will run the Whitbread pub estate.
All eyes are now set on Scottish&Newcastle and its 750 pub outlets which are up for sale..

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