Heineken takes 30% Globe stake

Heineken has bought up nearly a third of the debt in the Globe Pub Company in a move that gives the brewing giant authority to call in the administrators at the embattled pubco. 

Globe, the company owned by Robert Tchenguiz which operates 429 tenanted pubs, has breached its banking covenants and is in default on a loan of £257 million, meaning that anyone with a 25% stake in the group can legally seek the appointment of an administrator.

Heineken has acquired 30% – or £60.2m – of the debt, and already owns the Globe estate operator Scottish & Newcastle Pub Enterprises.

Recent trading conditions led to Globe reporting a sizeable jump in pub closures earlier this month, with 32 closures in the last quarter to the end of February, compared to 19 in the previous quarter.

Alan Lodge, 20.04.2009