Industry concerns raised over Heineken's Punch move
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Paul Waterson, chief executive of the Scottish Licensed Trade Association (SLTA), said the body had “grave concerns” about the £386 million bid involving brewing giant Heineken and private equity partner Patron Capital Advisers to carve up nearly 3,300 Punch pubs between them.
He said it would create a “monster-tie” with Heineken, which already owns about 1,100 British pubs, and was “bad news for brewers, whose route to market will almost certainly be controlled by Heineken”.
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Hide AdThe SLTA has urged that the deal be referred to the Competition & Markets Authority.
The Patron/Heineken proposal is worth 174p a share. A rival £410m approach from Punch’s co-founder Alan McIntosh via Emerald Investment Partners is pitched at 185p per share.
It is understood that if a takeover deal is struck alongside Patron Capital, Heineken would take control of 1,940 Punch pubs, while the private equity group would take on 1,330. A deal would bring Heineken’s total UK pub portfolio to about 3,040.
McIntosh, together with Emerald Investment Partners, currently holds a 2.2 per cent stake in Punch Taverns.