Greene King explores national opportunities for Cloverleaf

Greene King is to investigate the potential to turn its Cloverleaf carvery acquisition into a national brand.

The company acquired 11 sites in the north and Midlands for £55.8m at the start of 2011.

The sites deliver average weekly takings of £40,000 each.

A 12th site has opened at Applewood Farm, near Manchester, and is "breaking all records".

The first seven sites achieve average weekly takings of around £38,000, but the most recent five sites are hitting circa £50,000-a-week, an increase of 34%.

In terms of per site EBITDA, the first seven Cloverleaf openings are earning £450,000 per annum for Greene King, whilst the most recent five are earning EBITDA of circa £700,000 per annum, an uplift of 52%.

The company said it would look at opportunities for the brand further south and in Scotland.

Progress on the site pipeline already suggests that Cloverleaf will grow to 26 sites and the focus would be on bigger and better units.

At a site visit for City analysts, Greene King described Cloverleaf as a carvery offer that appeals to the mass market.

Its dessert offer, in particular, provides a USP offering very high-quality, large portions.

Builders are on site at the 13th venue, in Sunderland, and it is expected to open in September.

A 14th site, in Beighton, Sheffield, South Yorkshire, is set to open in January 2012 — there will be a minimum of 10 new sites in the first two years of Greene King's ownership.

Other features of Cloverleaf sites are: an internal children's play area, a no booking policy and traditional design.