Greene King pub giant has snapped up south-east England based chain Loch Fyne Restaurants for £68m. This was funded by Greene King’s existing debt facilities.
The company announed plans to double the number of Loch Fyne sites, of which there are now 36, partly by converting some of Greene King’s former pubs. Greene King currently makes around a third of its sales from food.
Projected pre-tax profits for the year ended June 2008 are expected to be £8m after overheads. Private equity firm Hutton Collins took a majority stake in Loch Fyne two years ago for £33m.