Pub giant and brewer Greene King has agreed to be bought by Hong Kong operator CKA, the latest deal in a wave of consolidation in the sector.The deal values Greene King at £2.7bn.And last month, pub group Stonegate Pub, which owns the Slug and Lettuce chain, announced it was buying rival Ei Group - once known as Enterprise Inns - for £1.3bn.
"They understand the strengths of our business and we welcome their commitment to working with the existing management team, evolving the strategy and investing in the business to ensure its continued long-term growth," he added. "I think we can comfortably expect more pub closures. It's a whopping [price] that implies CKA sees significant value in the property portfolio," he said., Greene King said CKA had no plans to make"material changes" to group and management staff numbers and did not intend to"initiate any material headcount reductions within the Greene King organisation as a result of the acquisition.
Industry group the Campaign for Real Ale has said more people are drinking at home to save money, while younger people are consuming less alcohol in general.
Waiting for someone from the FBPE cult to blame this on Brexit.
SELL! SELL! SELL! the tory mantra of the 1980's still going strong-soon they'll be only the people left to sell.
Sad to see British firms being snapped up. Especially pubs. There’s nothing more British
Their business, can do as they please 👍 Not committed to any ties with the UK. Good luck for the future and well done for building somwthing from nothing, 👌
It'll be a 'great leap forward' in drinking 😉
My local is a Greene King pub, and a very nice one too. Full of ghosts apparently. 🥽
Please keep making East Coast IPA.
What next? British Steel bought by the Turkish military. Ah, yes..
What the hell is wrong with our country selling our companies to foreigners. In a couple of when they have made their money they will be gone.
Did Greene King have to sell? Sounds like they wanted to cask in and get out? Hopefully it’ll still keep people in jobs.
Good investment..
Hopefully Boris can call in help from his Turkish contacts and get some takeovers of businesses and farms going. A reciprocal immigration agreement would be a good idea. Let's get some hardworking Turks over here.
Maybe they'll improve the beer...
That Green King IPA tastes like pish.
ItsMrBrain2You 🤪
All drinks now only served in china mugs
RuthlessRomelu
While the pound is weak, how many more British assets will be bought by foreign companies?
Absolutely gutted / appalled to see another British company sold to a foreign owners, Greene King in Bury St Edmunds since 1799 sold too cheaply (property portfolio +£4bn). Why can't we find British buyers? I want to see an 'Acquisitions Minister' ALL our assets are disappearing!
The vulchers are circling
I am so sorry
Toilet water.
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