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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 - Acquires Cloverleaf

March 2011

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