Whitbread to sell pubs
Once great brewing company to focus on leisure businesses
Oct 19, 2000 - Whitbread took another step away from the beer business today with an announcement that it will consier selling its 3,000 pubs to focus on its more lucrative hotels, leisure and restaurant businesses.
Whitbread, until recently one of the largest brewers in Great Britain, recently sold its brewing interests to Interbrew. It hopes to complete the sale of pubs by mid-2001.
"This is a radical plan to focus Whitbread, generate faster earnings growth and improve shareholder returns," said Sir John Banham, the chairman of Whitbread. 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."
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