Greene King, the UK's leading pub operator, has announced a major restructuring that could lead to the closure of a historic Bolton pub dating back 180 years. The company is reshuffling around 300 sites, with some closures expected as part of a strategy to sharpen investment.
The pub operator said it has identified 300 sites that would be 'better served under different models'. Of these, 150 will be converted to leased, tenanted, or franchise venues within its Pub Partners estate, while the other 150 will be considered for potential sale 'over the medium-term'. A small number of sites, fewer than 2% of its managed estate, are earmarked for closure.
Greene King has not yet published a list of affected pubs, but the Bolton pub is among those at risk. The company stated that the 'optimisation' of its estate will enable greater investment into its core portfolio, with proceeds from sales reinvested into the group.
CEO Nick Mackenzie said: 'We are confident that our new pub estate strategy will set us up to deliver sustainable profitable growth for the long-term as consumer habits continue to evolve.' The news comes amid challenges for the hospitality industry, including the cost of living crisis and rising costs.
Greene King, founded in 1799, employs around 40,000 people and operates about 1,500 sites nationwide, plus 1,000 leased, tenanted, and franchised pubs. The company also owns brands such as Hungry Horse, Chef & Brewer, and Flaming Grill.
