Greene King, the Suffolk brewer and pub operator, has made an agreed £197.5m bid for the Magic Pub Company (MPC).
The acquisition of MPC’s 209 pubs, 47 Hungry Horse pub restaurants and 21 Countryside Inns & Hotels will give Greene King a 1,139-strong estate. It also announced pre-tax profits up 16% to £24.7m and turnover up 7% to £165m for the 53 weeks to 5 May 1996.
Compass in France
Compass Group has reached agreement to buy out the interests of its rival Sodexho in Eurest France.
In the Ffr593m (£76.7m) deal, which gives Compass complete control of the third largest contract caterer in France, Epargne Développment’s small stake is also acquired.
LTB axes staff
The London Tourist Board (LTB) has made its heads of marketing, visitor services and finance redundant and is creating a head of business development post, for which it is recruiting.
The shake-up is designed to drive forward LTB’s brand image for London, which was launched in February.
Pub profits up
The fast-expanding Old English Pub Company, the 49-strong chain, has reported pre-tax profits up 255% to £505,000 from sales ahead 164% at £1.04m for the year ended 31 March 1996.
BHA deficit grows
The British Hospitality Association had a deficit of £37,145 in 1995, compared with £25,380 in 1994, according to its annual report published last week.