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Belhaven is planning to expand its chain of 250 pubs to 300 by the end of 2005.
Belhaven Brewery has raised £25m in a share offer in order to fund acquisitions to expand its pub chain from 200 to 300 over the next two years.
Belhaven Brewery is planning to double the size of its 151-strong pub chain over the next three years.
Belhaven is to invest £12m in the expansion of its chain of 135 Scottish pubs this year, and will start acquiring sites in England.
Belhaven Brewery is to buy 15 pubs in Central Scotland from Maclay Group for £4.5m, and will also acquire the Maclay Wholesalers beer distribution business, which employs 50 staff in Alloa.
Belhaven Brewery is looking to spend up to £20m on the expansion of its chain of Scottish pubs, and is interested in gaining a foothold in the north of England.