Greene King pub giant snapped up by Hong Kong firm CKA
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.
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