Heineken set to buy pub portfolio from debt-laden UK landlord

Amsterdam-based brewing giant Heineken is poised to buy 300 pubs from Britain’s largest pub owner, Stonegate, in a €350 million deal.

Heineken is reported to have been holding talks over the summer with Stonegate, which is seeking to reduce its debts of £3 billion (€3.5 billion) by selling 1,000 of its 4,500 outlets.

Most of the debt is related to the British company’s decision to purchase Enterprise Inns in 2019, just before the coronavirus pandemic shut down the entire British pub sector for several months.

Pubs have also been struggling with the rapidly rising cost of beer, energy, wages and higher taxes on employers.

Heineken already owns around 2,350 pubs in Britain through its subsidiary Star Pubs & Bars.