In a trading statement, Edinburgh-based Scottish & Newcastle has announced that it is to sell its entire estate of 1,450 pubs, restaurants and lodges.

The sale - which includes the Chef & Brewer and Premier Lodge brands - is anticipated to raise about £2bn, which will be used to develop the company's beer business, both in the UK and internationally.

In December 2002 S&N announced a sale and manage back arrangement for part of its portfolio - reported to be with Nomura - but, despite progress being made in negotiations, the company has decided that it would be in shareholders best interests to sell the managed estate as a whole.

The disposal, which requires shareholder approval and is to be achieved in the form of an auction, will be effected by S&N's advisors, Deutsche Bank and UBS Warburg. Completion is anticipated before the end of the year.

In the year to April 2002, the current estate of S&N Retail generated EBITDA of £272m on turnover of £1,009m.

Elsewhere, Scottish & Newcastle has announced that it is in advanced negotiations in a bid to take over Portuguese brewer, Sociedade Central de Cervejas - in which it already holds a 49 per cent stake - and the associated water business, Sociedade da Agua de Luso. Details: www.scottish-newcastle.com