Future of 279 ex-Marston's pubs in doubt

Speculation is growing that in a matter of weeks Piccadilly Licensed Properties is hoping to sell the 279 pubs its then-parent company, the celebrity-backed aAIM Group, bought from Marston's for £83m three years ago.

The pubs are currently managed and operated by the Discovery Pub Company, established back in 2007 by Scottish & Newcastle UK - now Heineken UK - to run the pubs after the deal's completion.

With its head offices in Windlesham, Surrey, Piccadilly has a long term contract with Heineken/Discovery and as far as the latter were concerned it was 'business as usual'.

Industry speculation has it that the pubs are being run by Heineken UK for administrators, a line the Dutch-owned pubco refutes.

In a statement Heineken's Scottish & Newcastle Pub Company (S&NPC) said it had a contract in place to manage and supply the pubs owned by Piccadilly Licensed Properties.

"S&NPC does not own these pubs and is therefore not in a position to 'dispose' of them. Any enquires regarding the ownership of these pubs needs to be directed to Piccadilly.

"In the meantime, it is business as usual and we are remain fully committed to undertaking the efficient management of the estate; and supporting the tenants within it."

Marston's sold the package of 279 wet-led pubs to aAIM, whose backers included Simon Cowell, in 2007, saying at the time it had identified the sites as being vulnerable to the impact of the smoking ban.

In the financial year ended September 2006, the pubs generated EBITDA of £7.5m, and as at April 28, 2007, had a book value of £81.1m.

Piccadilly was unavailable for a comment.