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Greene King to buy 11 more pubs in £30.4m deal
More pubs are set to join the Greene King stable, after the Bury St Edmunds-based brewery announced a £30.4 million deal.
The purchase of 11 freehold Punch Taverns will be financed through funds raised from Greene King's rights issue in April. The deal should be completed by July 1.
Rooney Anand, chief executive of Greene King, said: "I am really pleased we have been able to acquire these high quality assets, further strengthening our presence in two key geographies for us. They also match the criteria we set out when announcing our recent rights issue.
"They will be seamlessly integrated into our retail operations in England and Scotland and we look forward to operating these pubs successfully over the coming years."
Seven of the Punch Taverns pubs are in London and four in Scotland. In the financial year ending August 23, 2008, they generated gross earnings of 3.55 million and are expected to make Greene King money in the first year of ownership.
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Weather for Bury St Edmunds
Thursday 09 February 2012
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