Heineken UK has agreed to sell 111 pubs from its Star Pubs & Bars business to Admiral Taverns for an undisclosed sum.
The sale, which is expected to complete in October this year, follows a review by Heineken of its pub estate and its stated ambition to have a "more specific identity".
Following the completion of the sale, Star Pubs and Bars, which used to be known as Scottish and Newcastle, will have an estate of around 1,100 pubs across the UK.
Meanwhile, the deal will take Admiral Taverns' estate to just under 1,000 pubs. Founded in 2003, the Chester-based business operates a tenanted model with around 20 business development managers.
Commenting on the deal, David Forde, Heineken's UK managing director, said: "This sale frees up resources and enables us to focus on the core estate which has great scope for growth whilst continuing to showcase our cider and beer brands. We regularly review our estate to ensure that our portfolio contains pubs that have the right profile for our business, and can continue to benefit from our long term investment. Seeking a respected and experienced trade buyer for the sale of these pubs was our preferred option and we are delighted to have achieved that ambition with Admiral Taverns. They will ensure commitment and continued investment in these pubs to drive growth and maximise their potential."
Kevin Georgel, Admiral Taverns' chief executive officer, commented: "We are delighted to acquire these high-quality pubs, which are a great addition to the Admiral estate. This transaction is an indication of our intention to develop the Admiral business and reinforces our position as the country's leading community pubs group. We look forward to welcoming these new licensees to Admiral, and to working with them and Heineken to ensure a smooth transition.
"We are confident that these pubs have a vibrant future, and that with our award-winning approach to supporting community pubs, we can help these licensees to maximise the potential of their businesses."