Scottish & Newcastle expected to sell more pubs

Scottish & Newcastle is expected to unveil plans for further disposals in its full-year results next week.

Earlier this month the UK's largest brewer announced plans to sell off more than 600 pubs.

The spate of disposals is expected to affect company profits, which hit £409m last year, a rise of 5%.

Enterprise Inns is set to acquire 432 S&N managed outlets in a deal worth more than £263m.

The company is proposing a 1-for-6 rights issue at 490p a share, in order to raise some £66m.

S&N says Noble House Leisure will be buying 214 outlets for £94m plus £3.m in working capital.

There is also expected to be an update on the group's decision to sell its Center Parcs and Pontin's resorts in Europe.

The sell-offs have left S&N with 1,450 large managed houses including pub restaurants, branded pubs and bars, traditional outlets and its Premiere Lodge hotel chain.