A further £10m has been paid to settle accrued amounts owed under an existing management agreement between RBS and Heineken.
Galaxy consists of 918 largely freehold pubs and has been managed by Scottish & Newcastle Pub Company, a Heineken subsidiary, since 1999 on behalf of RBS.
Galaxy will be combined with Heineken UK’s existing portfolio of 462 outlets.
The provisional fair value of the pubs on Heineken’s balance sheet will be £378m, implying a multiple of 7.2 times based on a trailing 12 month Ebitda of £52.3m for the estate.
Didier Debrosse, regional president Western Europe for Heineken, said: “Today’s acquisition of Galaxy is consistent with our strategy of driving future value growth in Europe and represents another step in the successful turnaround of our UK business. Our ownership of this estate strengthens our leading position in the UK beer and cider market, particularly in the valuable on-trade channel.”
Source: Heineken
© FoodBev Media Ltd 2024