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Britain's swiftly consolidating pubs sector realized yet another deal Oct. 26, as brewer Scottish & Newcastle plc said it agreed to sell 456 of its leased pubs to Royal Bank of Scotland plc for pounds 260 million ($371 million) in cash.
The transaction is the third such change of hands between Edinburgh-based S&N and Royal Bank in the past two years.
With Friday's deal, Royal Bank becomes landlord of 1,480 outlets across Britain. In April 1999, S&N sold 172 pubs to the bank for pounds 50 million, and in April 2000 it sold 447 houses for pounds 180 million. Royal Bank has also bought pubs from Wolverhampton & Dudley Breweries plc and management company Paramount in the past...