Greene King buys four pub restaurants from Punch Taverns

11th June 2010, 8:57am

Greene King has announced details of an agreement to acquire four pub restaurants from Punch Taverns for £5.3 million.

The deal is expected to be complete by the 8th July 2010.

These pub restaurants are described by Greene King as "…highly attractive, food-led, destination sites in Aberdeen, Northampton and Nottingham and meet the strict strategic and financial criteria set out at the time of the rights issue".

In the year to August 2009, these sites generated EBITDA of £342,000.

Greene King added: "Following this acquisition, from both targeted packages and single sites, we will have invested £100m of the rights issue proceeds in acquiring and improving 34 high quality, freehold, retail sites and repurchasing below par debt."

Rooney Anand, chief executive of Greene King, said: "We are very pleased to have acquired these sites. They are freehold retail sites in great locations currently trading below their potential. We expect to convert the sites into our market-leading pub restaurant brands, Hungry Horse and Eating Inn, further strengthening our position in the UK eating out market."

Related Articles:

• 10 Aug 2010 - Punch Taverns push staff forward with apprenticeship and training initiatives
• 03 Jun 2010 - Greene King offers graduates a career in beer
• 21 May 2010 - Greene King cautiously welcomes coalition government plans for alcohol
• 13 Apr 2010 - Match points
• 27 Jan 2010 - Greene King sales remain strong as it adds eight Punch pubs to portfolio
• 01 Dec 2009 - Greene King delivers strong results in “demanding pub market”
• 01 Dec 2009 - Greene King buy seven pubs from Mitchells & Butlers
• 08 Sep 2009 - Food sales give Greene King a boost
• 09 Jun 2009 - Greene King expands portfolio with 11 Punch pubs
• 24 Apr 2009 - Greene King raises £200m to acquire struggling pubs

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