26 May 2015 12:35
| 26 May 2015 |
GREENE KING plc
The Competition and Markets Authority (CMA) has today announced that it is minded in principle to accept the remedies proposed by Greene King in order to address its competition concerns over the proposed acquisition of Spirit Pub Company (Spirit) in relation to 16 local areas by means of the proposed sale of the parties' interests in a total of 16 pubs.
These proposed remedies will now be subject to a short period of third party consultation.
Of the 16 pubs identified to be sold, nine are Greene King pubs and seven are Spirit pubs, while ten are managed pubs and six are tenanted or leased pubs.
We intend to complete the acquisition of Spirit before the end of June.
Rooney Anand, chief executive officer of Greene King said: "This is a great result. The CMA has confirmed that only a small number of pubs will have to be sold in order for us to complete the acquisition of Spirit, which means that both the profit impact and business disruption are minimised.
"We believe this outcome is fair and sensible and ensures we can create the UK's leading pub company and deliver significant financial benefits to both sets of shareholders."
FOR FURTHER INFORMATION
Greene King plc | Rooney Anand, chief executive officer Kirk Davis, chief financial officer | Tel: 01284 763222 |
Finsbury | Steffan Williams
| Tel: 0207 251 3801 |
NOTES FOR EDITORS
· Greene King was founded in 1799 and is headquartered in Bury St. Edmunds, Suffolk. It currently employs 23,000 people across its main trading businesses; Retail, Pub Partners and Brewing & Brands.
· It operates c.1,900 pubs, restaurants and hotels across England, Wales and Scotland, of which over 1,000 are retail pubs, restaurants and hotels, and c. 850 are tenanted, leased and franchised pubs. Its leading retail brands are Hungry Horse, Old English Inns, Eating Inn and Loch Fyne Seafood & Grill. 93% of the estate is 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.