Laurel community pubs could fetch £450m

Laurel Pub Company has confirmed that it has put its 432-strong neighbourhood pubs portfolio up for sale.

Chief executive Ian Payne said: "With the neighbourhood business in excellent shape in terms of investment and performance we have decided to put this division on the market.

"It is our intention to concentrate on the high-street division and take the lead in consolidation of this highly competitive arena through acquisitions."

Laurel has 177 pubs and bars in its high-street arm, including the hog's head chain.

The neighbourhood estate is expected to attract interest from rivals including Punch Taverns, Greene King, Wolverhampton & Dudley, Enterprise Inns and Mitchells & Butlers.

Observers expect it to fetch about £450m.

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