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Greene King sells 155 pubs to Admiral Taverns for £56m

From The Publican

20-Nov-2006

Greene King has announced a deal to sell 155 pubs to Admiral Taverns for £56.525m.


The brewer and pub operator said the historic EBITDA for the 140 tenanted and 15 managed pubs, mainly across the south of England, was £5.3m.


Greene King also revealed it had entered into a beer supply agreement for Greene King ales across the entire Admiral English pub estate, which will total 1950 following the deal.


Rooney Anand, chief executive of Greene King, said: "Greene King's continuous drive to improve the overall quality of our estate has meant that we have long been sellers as well as buyers of pub assets."


He added: "Today's deal marks another step in this strategy at a sensible price and we are also pleased with the supply agreement for our ales into the enlarged Admiral estate."