The UK’s largest pub and brewery company Greene King has agreed to a £4.6bn takeover by a Hong Kong-based multinational.
CK Asset Holdings, will pay £2.7bn for the 220-year old brewery company and will also take on its debt, understood to be worth an additional £1.9bn.
Pub giant Greene King, based in Bury St Edmunds, Suffolk, was founded in 1799 and currently operates almost 3,000 pubs, restaurants and hotels, and owns brands including Hungry Horse and Chef & Brewer.
Greene King IPA, OId Speckled Hen and Abbot Ale are among its beer brands.
Nick Mackenzie, chief executive of Greene King, which employs about 38,000 staff, said CK Asset Holdings was an “experienced UK investor and shares many of Greene King’s business philosophies. 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.
Nik Antona, CAMRA’s National Chairman said: “The news that Britain’s largest pub and brewery company has been sold to an international asset company is very concerning for our beer scene.
“We are always wary of one company controlling a large share of the market, which is seldom beneficial for consumers. Greene King has been in operation for over 200 years and it is a very sad day to see such a well-known, historic and respected name exit the brewing and pub business.
“We hope that Greene King will continue its operations as normal without any disappointing changes. We will be calling on the new owners to retain the current pub portfolio to safeguard thousands of pubs and jobs across the country.”
