The UK's leading brewing force, Scottish & Newcastle (S&N), is reported to be in advanced negotiations with Nomura International over the sale of around 700 of its pubs for between £600m and £700m.

According to reports in the UK financial press, the company is expecting to conclude the deal within the next four weeks. The deal is thought to entail an agreement under which it would sell the pubs to the Japanese bank's Real Estate Finance Group while retaining a long-term management contract.

S&N is known to have been looking for a way to realise the value of its 1,500-outlet pub estate under some form of "sale and manage back" programme.

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