9th Jun 2009 07:00
PRESS RELEASE
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09 June 2009 |
GREENE KING plc
Acquisition of Eleven High Quality Pubs
Greene King today announces an agreement to acquire eleven, high quality, freehold, managed pubs from Punch Taverns PLC ("Punch Taverns"), for a total consideration of £30.4 million. The consideration will be financed from the funds raised by the Company's successful recent rights issue and is expected to complete on 01 July 2009. For the financial year ended 23 August 2008, these pubs generated earnings before interest and tax of £3.55m and the acquisition is expected to be earnings enhancing in the first full year.
Seven of the pubs are in London and include the Bunch of Grapes in Knightsbridge and St. Margaret's in Twickenham, whilst four are in Scotland including the Burnbrae in Bearsden, near Glasgow.
Commenting on the transaction, 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 both England and Scotland and we look forward to operating these pubs successfully over the coming years'.
For further information:
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Greene King plc |
Rooney Anand, Chief Executive Ian Bull, Group Finance Director |
Tel: 01284 763222 |
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Financial Dynamics |
Ben Foster |
Tel: 0207 831 3113 |
Related Shares:
Greene KingPunch Taverns PLC