Scottish & Newcastle has put 11 of its 41 Old Orleans pub-restaurants up for sale. They include premises in Covent Garden, in the West End of London and a Quincy’s pub in Leeds.

Christie & Co expects to sell the sties to individual buyers. The total package is valued at about £2m.

The Daily Telegraph’s Market Miscellany column says S&N looks “a potent brew”, with a leading position in the growing Russian beer market, a dominant position in the UK and a strong European presence.

It says part of the company’s problems is that it has yet to deliver on a promise to release capital tied up in its large managed pub estate. However, it says, a disposal, sale and leaseback or securitisation are all on the cards. But it continues to be a potential bid target.

The column says that S&N is attractive, simply on a valuation basis and recommends buying the shares.

The Sunday Telegraph 13/10/02 page 9 (Business – Market Miscellany)
Financial Mail on Sunday 13/10/02 page 17