BRUSSELS (Reuters) - Dutch brewer Heineken NV said on Monday it would be investing 44 million pounds ($58.4 million) in 2018 to upgrade its British pubs.
The world’s second largest brewer bought about 1,900 pubs in Britain from Punch Taverns in 2017, making its Star Pubs & Bar estate the country’s third largest pub business. The vast majority are leased out.
Heineken said about 500 of its 2,900 pubs would benefit from the program, including 140 larger upgrade projects costing an average of 170,000 pounds. It added the investment would create 1,000 new jobs.
The investment, its largest annual spend, will bring to 140 million pounds the amount Heineken has spent on pub refurbishments in the past five years.
Reporting by Philip Blenkinsop