Burton acquisition keeps pubco in good spirits
THE acquisition of Burton-upon-Trent pubco Spirit Pub has helped its buyer achieve strong full year results.
Greene King today announced full year group revenue for the year to May 1, 2016 up almost 58% to £2,073m, with adjusted pre-tax profit up more than 60% to £190m.
The company completed the acquisition of Spirit last June, adding 791 managed pubs and 416 tenanted and leased pubs to its estate.
“Following a thorough review of Spirit, we commenced the exciting task of integrating these two leading pub businesses using a ‘best of both’ companies approach,” it said
“At the end of the first half of the year, our two tenanted and leased businesses were integrated ahead of schedule. We also drove strong acceptance of the Greene King beer brands within Spirit’s managed pubs and we announced a decision to retain both the Spirit and Greene King head offices.
“The scale of change in the combined business since the acquisition is significant. While maintaining trading momentum, we have driven fundamental improvements to how the business is structured and run. Keeping Spirit’s Burton office as the headquarters for our managed pub business and putting together a senior management team with the requisite retailing experience and skills has given us a platform to create an exceptional retailing business that can generate sustainable competitive advantage.”