RBS calls time on pubs portfolio with £422m deal
Given its difficulties with making money from its main business, perhaps it should come as no surprise that Royal Bank of Scotland (RBS) has sold its 918-strong pub portfolio – including Guy Ritchie's Punch Bowl pub in London – to a company with a rather longer history in the drinks business.
The Scottish & Newcastle Pub Company, a subsidiary of the Dutch brewer Heineken, will pay £412m for the bank's Galaxy Pub Estate, which it has anyway been running since 1999 under a management agreement. RBS will also keep £10m of profits made by the pub business, bringing the total size of the deal to £422m.
The pubs themselves are run by individual publicans under lease deals. Publicans include Mr Ritchie, known for his former marriage to pop star Madonna and for the films he has directed. He paid £2.5m for the tenancy of the Punch Bowl along with other leisure industry figures.
Other famed pubs that are in the RBS portfolio include the Cabbage Patch in Twickenham and the Ship Tavern in Holborn.
The Microsoft mogul told fans a few home truths during his Reddit AMA
- 1 Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
- 3 Ball pool for adults opens in London
- 4 Baldness could soon be treated using stem cells, scientists hope
- 5 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Boris Johnson claims porn-obsessed Islamic jihadists are 'literally w*****s'
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Teenager brandishing fake gun taken down by police after demanding airtime on Netherlands' NOS TV station
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...