Greene King agrees Loch Fyne purchase

August 9, 2007: Brewer and pubco Greene King has bought Loch Fyne Restaurants from its shareholders for £68.1 million.

Loch Fyne Restaurants is an established and successful premium brand in the casual dining sector with a chain of 36 seafood restaurants nationwide and a concentration in South East England.

	GREENE KING ANNUAL REPORT
	Earlier this week Greene King posted its annual report, with results showing profits before tax up 17% to £139.8 million in the year 2006/07.

It forms a good crossover with Greene King's existing business as a number of the restaurants already trade in former pubs. There are plans to increase the number of outlets by 20% within the current financial year.

Over the medium term Greene King sees potential to double the number of existing sites, including the conversion of a number of Greene King pubs. Senior management will stay with the chain to facilitate its ongoing growth within the Greene King group.

Greene King chief executive Rooney Anand said: "Loch Fyne is a high quality, well-respected British restaurant brand which gives us greater access to the premium end of the market and brings to our business further operational expertise. We have a strong track record of maximising the benefits from our acquisitions and this will be no exception: we greatly look forward to welcoming our new colleagues on board.”

Mark Derry, chief executive of Loch Fyne Restaurants, added: "The tie-up with Greene King is an excellent development for Loch Fyne. It gives us the opportunity to capitalise on our already strong reputation and to accelerate the expansion of our business.

"We’re delighted to have found a buyer who recognises our strengths and whose style of management fits so well with our own. We believe our customers and employees will have every reason to celebrate the agreement.”

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