Scottish pub group Maclay Inns has sold four managed houses to Scottish & Newcastle for around £1.5m.

The four pubs – The Cross Keys in Alva, the Bridge Inn in Tillicoultry, the Thistle Bar in Alloa and Mickey Coyles in Dundee – were sold because Maclays believed they “no longer fit the company’s turnover and profitability requirements”.

Alan Creevy from chartered surveyors Creevy LLH, who advised Maclays, said: “These are the first properties to be sold by Maclays for many years, as typically the company is a net purchaser. Indeed, Maclays has £10m of funding in place for acquisitions in 2007 and is therefore heading into a year of high activity.”

Scottish & Newcastle intends to turn the properties into leased houses. Details: www.creevyllh.com