Scottish & Newcastle has sold its beer brand Courage to the Wells & Youngs Brewing Company in a deal thought to be worth £10m.

As part of the deal, a new company will be formed called Courage Brands, which will be 83% owned by Wells & Young's and 17% owned by S&N.

The business will be managed from Wells & Young's brewery in Bedford where it will produce, market and sell the Courage portfolio, which includes Courage Best Bitter, Directors, Courage Mild and Courage Light Ale.