28 Aug 2015 16:00
PRESS RELEASE 28 August 2015
GREENE KING plc
Agreed Terms on the CMA Disposals
Greene King is pleased to announce that it has exchanged contracts on the sale of the 16 pubs required for disposal by the Competition and Markets Authority (CMA). We expect completion to take place by early October 2015.
Rooney Anand, Greene King chief executive officer said: "We have exchanged contracts with buyers for the 16 pubs we were required to sell by the CMA. We are therefore close to completing the remedial actions required of us to receive unconditional CMA approval for the acquisition of Spirit Pub Company. Once the transactions complete, there will be no further obligations on Greene King.
"Although the CMA process was intensive, we reached a sensible conclusion. The fact that we only had to dispose of 16 pubs, out of a combined total of 3,100, highlights the compelling strategic rationale for the deal, thus avoiding unwanted business distraction and minimising the lost profit from any disposals.
"We are moving ahead with the integration of our two businesses and will update on progress in December at our interim results."
For further information:
Greene King plc | Mark Blythman
| Tel: 01284 763222 |
Finsbury | Steffan Williams | Tel: 0207 251 3801 |
| Philip Walters |
|
NOTES FOR EDITORS
· Greene King was founded in 1799 and is headquartered in Bury St. Edmunds, Suffolk. It currently employs c.25,000 people across its main trading businesses; Retail, Pub Partners and Brewing & Brands.
· At the year-end, it operated 1,909 pubs, restaurants and hotels across England, Wales and Scotland, of which 1,060 were retail pubs, restaurants and hotels, and 849 were tenanted, leased and franchised pubs. Its leading retail brands are Hungry Horse, Old English Inns (OEI), Eating Inn and Loch Fyne Seafood & Grill. 94% of the estate was either freehold or long leasehold.
· Greene King also brews quality ale brands from its Bury St. Edmunds and Dunbar breweries, and is the UK's leading cask ale brewer and premium ale brewer. Its industry-leading portfolio includes Greene King IPA, Old Speckled Hen, Abbot Ale and Belhaven Best.
· Spirit was demerged from Punch Taverns in 2011 and is headquartered in Burton-on-Trent, Staffordshire. It currently employs c.17,000 people across its main trading businesses; Managed Pubs and Leased Pubs.
· It operates 1,207 pubs across Great Britain, of which 791 are managed and 416 are leased. Its leading brands are Fayre & Square, Chef & Brewer and Flaming Grill.