Updates

Greene King - Acquires Cloverleaf

March 2011

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Greene King has announced the acquisition of Cloverleaf, which operates 12 large freehold pub restaurants in the North and Midlands and which specialises in the growing carvery market. The deal cost Â£55.8m, which represents 8.7 EBITDA per outlet, which is not cheap but it does bring a pipeline of new sites with a minimum ten additional outlets expected to open within two years. The group also announced that trading remains quite strong, with managed pubs like-for-like sales rising 3.9% for the 38 weeks to 23 January, driven mainly by like-for-like food sales growth of 8.2%. Margins are expected to be slightly ahead of last year. Meanwhile its tenanted business has increased like-for-like EBITDA by 0.6%, while average ...

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Greene King - Managed pubs doing well (October 2011)

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Greene King - 4.9% jump in managed pub like-for-like sales (August 2011)

Greene King - 8.2% jump in like-for-like sales (June 2011)

Greene King - Best in class pubs firm offers strong medium-term growth opportunity (April 2011)

Greene King - To expand managed pubs business (August 2010)

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Greene King - Well financed pubs operator over-sold on prospective PE of 6.3 (March 2009)

Greene King - Well run pub operator on PE of just 5.4 (December 2008)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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