Whitbread has sold its pub and bar estate to Morgan Grenfell Private Equity for a total of £1.6bn. M...
Whitbread has sold its pub and bar estate to Morgan Grenfell Private Equity for a total of £1.6bn. MGPE now takes over Whitbread's 1,710 leased pubs, 1,095 managed pubs and 193 branded pubs and bars. Of the £1.6bn about £445m will be used to pay off Whitbread's bank debt and £1.1bn will be returned to its shareholders. This will mean a payout of 230p a share. In the last set of interim results Whitbread reported that the pubs division had produced profits of £88m on a turnover of £341m. With the pub estate disposed of, Whitbread will now focus on its leisure, restaurants and lodging businesses.
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