Greene King in £30m raid on rival Punch Pubs

Published 09th Jun 2009

Greene King bolstered its estate today with the acquisition of 11 'high quality' pubs from debt-laden rival Punch Taverns.

Seven of the pubs are in London, including the Bunch of Grapes next to the Harrods store in Knightsbridge, whilst the other four are in Scotland.

The £30million spending spree comes after the Suffolk-based brewer recently raised £200million from shareholders in order to fund the purchase of cut-price assets in the pubs sector.

Chief executive Rooney Anand said the pubs strengthened the company's presence in two key trading areas.

The managed pubs generated earnings before interest and tax of £3.55 million in the year to the end of August last year. They also include the St Margaret's pub in Twickenham and the Burnbrae at Bearsden near Glasgow.

Punch Taverns said the proceeds from the deal would be used to reduce debt and reinvest in the estate.

Source: ' Daily Mail '

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