Heineken cheer for British beer market

Amsterdam: Heineken’s chief executive said the British beer market has “turned the corner” after the “unfortunate timing” that saw the Dutch company become Britain’s biggest brewer in a merger almost two years ago.

Heineken has realised £150 million (€167.8m) of savings from its acquisition of Scottish & Newcastle, Jean-Francois van Boxmeer told an investor briefing in Amsterdam. The brewer said in August that so-called synergies from the purchase had reached €145m(€162m), or 80% of the €184m (€205.8m) it expected to achieve.

Mr van Boxmeer said Heineken increased its market share by more than 1.5% in Britain this year. The British beer market shrank 6% in the first half of this year, forcing brewers to raise prices.