Whitbread to sell pubs
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Your support makes all the difference.Leisure group Whitbread has announced a shift away from pubs and bars to focus its on food, hotel and leisure divisions.
Leisure group Whitbread has announced a shift away from pubs and bars to focus its on food, hotel and leisure divisions.
The company is planning to sell its 3,000 pubs, with 75% of the proceeds goiing to shareholders and the rest being used to repay debts.
Chairman Sir John Banham said: "This is a radical plan to focus Whitbread, generate fast earnings growth and improve shareholder returns.
"The restructuring creates the opportunity and the momentum to manage Whitbread's brands and property assets more aggressively and to take full advantage of Whitbread's leading positions in growth segments of the UK leisure market.
Sales in the company, which includes the Marriott amd Travel Inn brands, shot up after the news was announced.
Whitbread bought Swallow Hotels in January and the company has also been linked in the press to the hotel business of Granada Compass.
David Thomas, chief executive, said: "As far as this is concerned, we aim to get the best price for what is a great business.
"It has some tremendous brands - for example, Hogsheads is the envy of many of our competitors. It is a very desirable package."
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