Bass to Sell Stake in Pubs to Japan’s Nomura

Bass said it has agreed to sell its interest in 988 pubs to a company formed by Nomura Co.’s Principal Finance Group for $906 million. The sale is part of Bass’ strategy of getting out of its traditional brewing business and concentrating on its more profitable bar-restaurant operations and its hotels. The sale, which makes Japan’s Nomura the biggest pub owner in Britain, is expected to be completed by March 28, Bass said. Bass said it would invest the proceeds in its brewing and remaining retail operations. Those include about 2,000 pubs and bars and 3,000 hotels in 100 countries, including Holiday Inn, Inter-Continental and Crowne Plaza. The pubs purchased by Nomura’s group generated average sales of $8,700 a week, compared with an average of $18,850 for the outlets Bass retained. Bass also retains a controlling interest in Britvic, a British soft-drink bottler.