Skip navigation

Gloucestershire Business News

Fears for future of Gloucestershire pubs after chain is sold in £4billion deal

The future of 3,000 pubs across Britain - including some prime Gloucestershire watering holes - appears uncertain after a brewing giant was sold to an overseas billionaire.

Greene King shareholders overwhelmingly approved a £4.6billion takeover by Hong Kong business man Li Ka-Shing yesterday.

It will mean that the 220-year-old firm will fall into foreign hands for the first time and spark fears that many of the 3,000 pubs it owns could be closed and sold.

At an EGM on Wednesday, 98.83 per cent of Greene King shareholders backed the proposal to sell to CK Asset Holdings, for whom Mr Li is the principal shareholder.

CK Asset Holdings shareholders also approved the deal with 99.38 per cent agreeing to the terms of the takeover.

Unlike many of the other brewing giants in the country, Greene King owns the freehold of the majority of its pub estate, sparking fears that individual pubs could be sold.

In Gloucestershire Greene King run Copa in Cheltenham's Regent Street and The Hatherley near to Morrison's in Hatherley and Norwood Arms on the Bath Road and the Lansdown.

The Hare and Hounds in Churchdown is also a Greene King pub as is Chambers in Gloucester city centre, the Wheatstone Inn in Brockworth, the Royal Oak in Hucclecote and Kings Head in Upton St Leonards.

Greene King chairman Philip Yea said: "The board welcomes shareholders' approval of CKA's offer to acquire Greene King.

"As previously set out we believe CKA's long-term vision for Greene King, supported by our established position in the pub industry, high-quality estate and resilient financial profile, is in the best interests of employees, tenants, customers and suppliers.

"The offer represents a good opportunity for shareholders to realise value for their investment at an attractive premium, while also ensuring the long-term success of the company."

Related Articles

Planned railway bridge will be the first stage towards building a new Gloucestershire town Image

Planned railway bridge will be the first stage towards building a new Gloucestershire town

The expansion plans for Tewkesbury show no signs of relenting.

From zero to multi-million pounds business – this family firm is Completely Motoring Image

From zero to multi-million pounds business – this family firm is Completely Motoring

Just over a decade ago Rob Ayland was starting again from scratch in the motoring trade – and last night he paid tribute to the next generation leading what has become a multi-million pound operation.

Councils set to bare their teeth in bid to deliver Cheltenham Cyber Central scheme Image

Councils set to bare their teeth in bid to deliver Cheltenham Cyber Central scheme

With the public consultation into the planned cyber central development in Cheltenham well underway, the two local authorities behind the plan are preparing to bare their teeth.

Tayntons sporting lunch at Gloucester Rugby raises more than £2,000 for charity Image

Tayntons sporting lunch at Gloucester Rugby raises more than £2,000 for charity

The Kingsholm event (taking place right now if you are reading this shortly after 1pm) is raising money for cancer support charity Maggie's in Cheltenham.

Copyright 2020 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.