UK: Greene King 'seeks bidders' for 80-plus pubs

Greene King is understood to have put a package of more than 80 of its leased and tenanted pubs on the market, The Publican reported May 6.

The Bury St Edmunds-headquartered brewer is believed to be hoping for at least £30m for the portfolio, which comprises 84 freehold pubs, all of which are believed to be open and trading, many of which are small, food-oriented operations located across the country.

Fleurets is said to be handling the disposal, but Martin Willis, the property agent’s joint managing director, declined to discuss the matter.

“We’ve signed confidentiality agreements and we’re not in a position to comment further,” he said.

However an industry insider revealed to thepublican.com that Greene King was the company involved.

Most of the pubs were “good quality sites”, the source said, but since many were relatively low barrelage pubs – around 100 barrels a year – they weren't delivering the level of profit returns the brewer was looking for.

“These are attractive pubs, if somewhat on the small side and iIf Greene King gets the £30m it’s after it would come in handy to buy some top end sites,” the source added.

Greene King was unavailable for comment.

07 May, 2008