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(From Guardian Unlimited)
Greene King has bought another four managed pubs from heavily endebted Punch Taverns, as the latter continues to trim away at its borrowings.
Punch is selling the four - two in England and two in Scotland - for GBP5.3m in cash. It brings the total number of pubs sold to Greene King in the past 12 months to 23 for a total consideration of GBP51.6m. The 23 had a book value of GBP52.7m and made full year pre-tax profits of GBP4.75m. Greene King said the pubs were trading below their potential:
These pub restaurants are highly attractive, food-led, destination sites in Aberdeen, Northampton and Nottingham, and meet the strict strategic …