Greene King eyes bigger slice of restaurant market
The firm, which currently has 888 managed pubs, wants to boost the size of the estate by a quarter to 1,100 to benefit from long-term growth in the eating-out market.
Suffolk-based Greene King will achieve this through acquisitions and transfers from its tenanted pub estate, which it wants to cut from the current 1,584 to around 1,200 high-quality outlets.
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Hide AdThe plans came as the group lifted pre-tax profits four per cent to 123m for the year to May 2, with revenues up three per cent to a record 984.1m.
The firm has also seen an encouraging start to the new year with trading to date "better than we were expecting", according to chief executive Rooney Anand.