Brewing and pubs group Greene King today said it was in talks with the Laurel Pub Company to buy a batch of pubs.
The Bury St Edmunds-based company said it had noted press speculation about “a potential acquisition of a portfolio of pubs” from Laurel.
It confirmed that it was in advanced discussions “which may or may not lead to a transaction.”
In a statement, it did not identify the number or nature of the pubs it was interested in buying.
But Greene King said it had no current intention of issuing new equity to support any deal.
“A further announcement will be made in due course, if appropriate,” the statement added.
A spokesman for Greene King declined to give further details.
However, the pubs under discussion are understood to be Laurel’s 432-strong community estate, thought to be worth up to £450m.
A sale to Greene King is likely to suit both firms, with Laurel focusing on its high street pubs that include the Hogshead chain.
The acquisition of the community estate would bolster Greene’s existing portfolio of managed community pubs, which is run by its Pub Company arm.
References: EGi News 07/07/04
