Heineken Acquires 30 Per Cent Of Globe Pub Company Debt

Tue, 21 Apr 2009

Heineken, the world's third-largest brewer, has purchase of £60.2m of securitised debt in struggling pub operator Globe Pub Company, according to the Financial Times .

The newspaper reports that the Dutch brewer has acquired 30 per cent of the senior debt in the Robert Tchenguiz-owned company at an undisclosed discount.

A Heineken spokesman said the deal represented "very good value" and came after the Class A1 bonds were recently downgraded.

He added that the move was driven by economic and commercial reasons and was not part of a takeover strategy, or part of a plan to secure a long-term supply agreement with Globe.

"It is an opportunistic purchase," the spokesman commented. "Heineken will receive interest payment on the bonds that it bought at a price much lower than their face value."

The move, which is the first time Heineken has built up an economic interest in a pub operator, follows Heineken’s takeover of Globe estate operator Scottish and Newcastle Pub Enterprises in April 2008.

Earler this month, Globe revealed it had fallen into trouble after defaulting on loans worth £257m. The operator, which has more than 400 pubs across Britain, has reported a sharp rise in closed pubs as a result of the "tough operating environment".
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