Greene King sells £56m worth of pubs

November 20, 2006: Greene King has announced the sale of 155 pubs to Admiral Taverns for £56.525m.

The package sold comprises 140 tenanted and 15 managed pubs. A total of 138 of the pubs sold are freehold and long leasehold, and the remaining 17 are short leasehold. The properties are predominantly located across the South of England.

In addition to the cash consideration, Admiral has entered into a beer supply agreement with Greene King for the supply of Greene King ales across the entire Admiral English pub estate.

Rooney Anand, chief executive of Greene King, said: "Greene King's continuous drive to improve the overall quality of our estate has meant that we have long been sellers as well as buyers of pub assets.

"Today's deal marks another step in this strategy at a sensible price and we are also pleased with the supply agreement for our ales into the enlarged Admiral estate."