Scottish and Newcastle Pub Enterprises (S&NPE) has formally unveiled the Discovery Pub Company, the brand name for the estate of pubs it operators for commercial property investor Active Asset Investment Management (AAIM).
The leased pub company has been designed to take S&NPE into the market for smaller community pubs as well as taking previously under-developed pubs and develop them into better performing businesses.
S&NPE sales director Andy Braithwaite, said: "It gives us] and our tenants all the benefits of a tight focus on one area of the market normally only found in smaller pub companies combined with the ability to draw on the strength of a much bigger player."
Discovery leases will incorporate an incentive scheme rewarding tenants with barrelage discounts for high sales and the company is looking for a range of tenants to boost the offerings in its portfolio.
"We have spent the past six months setting up the company so that everything is in place to support our tenants," Braithwaite said.
"An investment programme has already been drawn up with 20 projects planned for the year ahead and the company is ready for rapid acquisition as soon as the right businesses come to market."
AAIM bought 279 pubs from Marston's in May for £82.5m, its first foray into the pub market. Caterer reported in July that the portfolio would be placed under the control of the newly formed Discovery Pub Company.
By Christopher Walton
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