20th Nov 2006 07:02
Greene King PLC20 November 2006 20 November 2006 GREENE KING PLC - SALE OF 155 PUBS Greene King today announces the sale of 155 pubs to Admiral Taverns HoldingsLimited ("Admiral") for a cash consideration of £56.525m. The historic EBITDAgenerated by the pubs was £5.3m. The package sold comprises 140 tenanted and 15 managed pubs. 138 of the 155 pubssold are freehold and long leasehold and the remaining 17 are short leasehold.The properties are predominantly located across the South of England. In addition to the cash consideration, Admiral has entered into an attractivebeer supply agreement with Greene King for the supply of Greene King ales acrossthe entire Admiral English pub estate. Rooney Anand, chief executive of Greene King, commented: 'Greene King's continuous drive to improve the overall quality of our estate hasmeant that we have long been sellers as well as buyers of pub assets. Today'sdeal marks another step in this strategy at a sensible price and we are alsopleased with the supply agreement for our ales into the enlarged Admiralestate.' - Ends - For further information: Greene King PLC Rooney Anand, Chief Executive Ian Bull, Finance Director Tel: 01284 763 222 Financial Dynamics (PR advisers to Greene King) Ben Foster / Charlie Watenphul Tel: 020 7831 3113 PricewaterhouseCoopers LLP Sean Williams, Partner Tel: 020 7583 5000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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