Greene King is putting around 65 pubs up for sale as part of a major shake-up of its property estate, known internally as Project Portico. The brewer and pub operator said it is reviewing dozens of sites for potential sale, with venues to be offered either individually or as part of larger groups.
Wet-led pubs across the UK
The sale will include around 65 predominantly “wet-led” pubs across the UK – meaning they focus mainly on selling drinks rather than food, according to industry publication Propel. Potential buyers could reportedly snap up the entire portfolio, smaller groups of pubs or individual venues. However, Greene King has not yet revealed which pubs are included in the package.
A Greene King spokesperson said: “As part of our pub estate strategy announced earlier this year, we identified a number of pubs for potential sale in the medium term.
“As a result, we are reviewing each pub to determine the most appropriate route to market, which may involve an open sales process or a targeted off-market approach.
“In either case, prospective purchasers may seek to acquire individual or multiple sites.”
No closures announced
No closures have been announced in connection with the move, with pubs that are sold not necessarily due to close. Pubs with a similar operational focus had been presented collectively to prospective buyers, the company said.
The sell-off is part of a wider shake-up announced by Greene King in March. Around 300 managed pubs, identified as potentially being “better suited to different operating models,” will become leased, tenanted or franchised as part of Greene King’s Pub Partners scheme. The remaining 150 are being evaluated for potential sale, with the cash reinvested into Greene King’s core pub estate, the company previously said.
Recent sales and financial results
In April, Greene King put 13 freehold pubs and hotels on the market, with a total of 420 bedrooms. They included Ye Olde Talbot in Worcester, the Cromwell Lodge Hotel in Banbury and the Bear Hotel in Havant.
Another 10 freehold managed pubs went onto the market in May. Eight had a combined asking price of around £9.4million, while offers were invited for the remaining two. Six were still trading when they went on the market, while four had already closed.
Greene King operates around 2,500 pubs, including approximately 1,000 leased, tenanted and franchised venues. Its latest financial results showed revenue climbed 3.6 per cent to £2.539billion, while adjusted operating profit rose 9.8 per cent to £217.4million.
