Greene King in £68m Loch Fyne deal

07 August 2007 by
Greene King in £68m Loch Fyne deal

Brewer and pub operator Greene King has splashed out just over £68m to land premium casual dining chain Loch Fyne Restaurants.

The deal, announced today, will see Greene King take control of the chain of 36 seafood restaurants, which are primarily based in the south-east of England.

It has outlined plans to increase the number of sites by 20% by April 2008, with a medium-term view of doubling the estate - including converting a number of former Greene King pubs.

Rooney Anand, chief executive of Greene King, said: "Loch Fyne is a high-quality, well-respected British restaurant brand which gives us greater access to the premium end of the market and brings to our business further operational expertise.

"We have a strong track record of maximising the benefits from our acquisitions and this will be no exception: we greatly look forward to welcoming our new colleagues on board."

Mark Derry, chief executive of Loch Fyne Restaurants, said: "The tie-up with Greene King is an excellent development for Loch Fyne. It gives us the opportunity to capitalise on our already strong reputation and to accelerate the expansion of our business."

Projected figures show that by June 2008 Loch Fyne should post a pre-tax profit of £10m (£8m if overheads are included). The acquisition is funded by existing debt facilities at Greene King with profits going directly to the bottom line.

Loch Fyne Restaurants and Carluccio's are takeover targets >>

Customers pay for quality as casual dining goes upmarket >>

Smoking ban the catalyst as pub market diversifies >>

Loch Fyne Restaurants reports highest ever turnover >>

By Christopher Walton

E-mail your comments to Christopher Walton]( King in £68m Loch Fyne deal) here.

[The Caterer Blog]( Catch up with more news and gossip on the Caterer Blog here
[Newswire For the latest hospitality news, sign up for our e-mail news alerts.
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking