Deal of the day
The respected British pub retailer and brewer Greene King is understood to be undertaking a clean-up of its huge pub estate by selling around 90 of its weakest performers.
It is believed that it is looking to offload a range of mostly tenanted pubs in a sale that could raise about £30m for the group. The company is not under any real financial pressure, but has identified the pubs as ones that are not achieving the desired level of profitability. It is thought that they are geographically widely spread, and the intention is to offload them in a series of packages, rather than as one unit.
Greene King has around 3,000 pubs across the UK and has a portfolio of beer brands which includes Greene King IPA, Abbot Ale and Old Speckled Hen. The company was much enlarged by the acquisiton of Spirit early last year and has an enviable record of consistent profit growth.
Greene King declines to comment.
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