GREENE KING COMPLETES SPIRIT DEAL AND FORMS THE UK’S LEADING MANAGED PUB COMPANY
Greene King, the UK’s leading pub retailer and brewer, has successfully acquired Spirit Pub Company for £774 million* in the most high profile deal in the pub sector since 2005 when Punch Taverns acquired the original Spirit Pub Company.
The deal allows Greene King to further realise its ambition to create a clear industry leader and grow its share of the UK eating and drinking out markets. Greene King has a successful track record of acquisitions, completing around 20 deals since 1999 with a total value of over £2bn.
Rooney Anand, chief executive officer of Greene King, said, “I am delighted to announce the completion of the acquisition of Spirit, bringing together two successful companies to create the UK’s leading managed pub company. Our focus now turns to building a combined business of our best brands, people, locations, and processes to ensure we succeed in the eating and drinking out markets for the long term. As we begin this exciting new phase in our history, Greene King will continue to focus on creating a great place to work for our people, delivering industry-leading value, service and quality to our customers and maximising value for our shareholders.”
Mike Tye, chief executive officer of Spirit added, “The deal to combine Greene King and Spirit has now completed. The combined business will be the largest managed pub company in the UK and a real force to be reckoned with, especially by taking the best of both businesses and creating a clear industry leader.”
The combined business will be the UK’s leading managed pub operator and will deliver significant financial benefits helping Greene King to build an even stronger company. The enlarged managed business will operate a well-balanced, high-quality pub portfolio with industry leading brands and extensive national coverage, including a significant presence in the attractive London and south east region.
In addition, the tenanted business will materially benefit from the contribution of Spirit’s high-quality leased pubs and Greene King’s beer business will benefit from additional routes to market for its industry-leading ale brands such as Greene King IPA, Old Speckled Hen and Abbot Ale.
Notes to editors
*Based on Greene King shares at the time of initial offer