Initially, the portfolio will include 30 of BW's existing leased pubs and a further 20 sites that will be developed into new waterside pubs over the next three years. In addition, the partnership will grow by developing future prime waterside pub opportunities that will arise from BW's property estate and by acquiring suitable pubs and sites from the open market.

BW says the partnership will increase visitors, whilst BW's profits from its 50/50 share of the business with S&NPE will be reinvested into the care and improvement of the nation's canals and rivers.

"Scottish & Newcastle Pub Enterprises have a highly respected and experienced team running one of the best leased pub estates in the UK, " said Peter Wear, BW's project director. "Just as importantly, they share our objectives for delighting the visitors to our waterways."

"This is a growth business that will increase the number and quality of waterside pubs in the medium to long-term, " commented Andrew Stevenson, managing director at S&NPE.

The partnership is being funded from a mix of partner equity and bank loans. S&NPE will be acting as managing agent and will offer beer supply opportunities to lessees featuring a wide range of local guest ales and high profile brands.

The partnership's first new pub from its initial 20 development sites will open at the end of May at Foxton Locks in Leicestershire. The pub will offer high quality food and drink to around 200,000 visitors to the site each year, says BW.