Acquisition of Seven Pubs
Greene King today announces an agreement to acquire seven pubs in Scotland from Mitchells & Butlers PLC ("M&B") for a total consideration of £12.7m. The consideration will be financed from the funds raised by the Company's rights issue and is expected to complete on 8 December 2009.
These pubs meet the criteria stated at the time of the rights issue of being high quality, freehold, managed houses in one of our key target geographies.
The pubs will be managed within Belhaven and this deal represents another important step for Greene King, as it continues to build upon its strong position in Scotland.
Rooney Anand, Chief Executive of Greene King, commented:
'Scotland is a key area of focus for Greene King and these high quality pubs will fit very well into the Belhaven estate.'
For further information:
Greene King plc
Rooney Anand, Chief Executive
Ian Bull, Group Finance Director
Tel: 01284 763222
Tel: 0207 831 3113