S&N is selling 456 pubs to the Royal Bank of Scotland for £260m (US378m). RBoS wants a secure revenue stream, S&N wants something a bit more exciting. Britain's biggest brewer has sold almost all of its remaining leasehold pubs, allowing it to pay off debts and turn its attention to overseas markets. The plan looks likely to pay off, but S&N could well do better to exit the pubs market altogether and focus exclusively on brewing.