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Sun 10th Jul 2016 - Greene King puts 90 pubs up for sale, Fever-Tree considers move to main stock market
Greene King puts 90 pubs up for sale: Brewer and retailer Greene King has put 90 of its pubs up for sale. The company is hoping to raise as much as £30m from the sites, most of which are tenanted. It is part of a move towards managed pubs with a focus on food, which are generally more profitable, reports The Sunday Times. The sites, which will be sold off in small batches and not packaged together for one buyer, according to City sources. The company declined to comment. Greene King, led by Rooney Anand, operates more than 3,000 pubs, restaurants and hotels, and employs 44,000 staff. It also owns two breweries, where it produces beers including Old Speckled Hen and Abbot Ale. Last year, the company paid £774m for rival Spirit Pub Company, which came with 1,200 pubs, including the brands Chef & Brewer and Fayre & Square. Last month, Greene King reported sales up 57.6% to £2,073bn in the year to 1 May 2016 – in a “transformational year” since it acquired Spirit. Adjusted profit before tax rose 52.2% to £256.5m. Managed like-for-likes rose by 1.5% and tenanted net income was up 2.7% on a like-for-like basis. Brewing & Brands own-brewed volume was up 2.9% with ale market share up 40 basis points to 10.5%.

Fever-Tree considers move to main stock market: Fever-Tree, the supplier of premium carbonated mixers, is considering a move to the main stock market after quintupling its share price since its float two years ago. The company’s shares were priced at 134p when it debuted on the London junior market. They closed on Friday (8 July) at 722p, giving Fever-Tree a value of more than £830m. The company, set up in 2005 by Charles Rolls and Tim Warrillow, has come under pressure from investors to switch from AIM to the main market to accelerate its growth. It is understood that the move has been discussed internally but no decision has been made, reports The Sunday Times. Fever-Tree reported profits of £18.2m last year, an increase of 82% on the previous 12 months. Sales rose 71% to £59.3m. The drinks maker has a growing international business, with nearly half of its revenue in America coming from the sales of ginger beer. Earlier this year, it struck a deal to supply easyJet with cans of tonic for passengers. The success has swollen the pockets of the founders. Rolls, who made his name at Plymouth Gin and is Fever-Tree’s executive deputy chairman, sold shares worth £12.3m earlier this year, while chief executive Warrillow enjoyed a £5.4m payout.

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