UK-based brewing group, Scottish & Newcastle (S&N), is to publish its plans for its chain of more than 1,000 pubs tomorrow when it announces its year-end results.

The group has been evaluating the possibilities for the pub estate, which include securitisation, which would involve offering bonds with earnings based on the chain's future income, a sale and leaseback programme or selling off the chain, which includes the Chef & Brewer pub-restaurant and Original Pub Co brands, altogether.

It is thought that securitisation of two-thirds of the company's estate would raise in the region of £1.5 billion in return for the majority of the profits expected from the pubs. These funds are expected to be used to finance the outstanding £1 billion payment to complete S&N's purchase of Kronenbourg from Danone, originally made in 2000.

The year-end results will include the first full-year contribution from Kronenbourg, a major re-launch of which is planned by Scottish Courage in the UK. Analysts are forecasting year-end profits for S&N slightly under £450m.

Meanwhile, it has also been revealed that S&N is planning a re-launch for the Kronenbourg 1664 brand in the US. The company is looking for sales volumes of 100,000 hls within five years, focusing its attention at the outset on the New York, Boston and Washinton DC markets.

S&N announced a major £16m re-launch of the brand in the UK last week and, including the UK campaign, is spending a total of £20m ($30.6m) on new advertising for Kronenbourg across all international markets. The formulation of Kronenbourg 1664 used to vary from country to country but S&N has now decided to use the same recipe in all markets.