Greene King bought by Hong Kong firm CKA

Belhaven owner Greene King has agreed to be bought by Hong Kong operator CKA. The Suffolk-based brewer owns roughly 2,700 pubs, restaurants and hotels in total across the UK and the deal values Greene King at £2.7bn.

Nick Mackenzie, Chief Executive of Greene King, said,”Greene King has a well-invested estate in prime locations, leading brands, a rich history and a talented team of c.38,000 people serving millions of customers across the country every week.

“CKA is an experienced UK investor and shares many of Greene King’s business philosophies. They understand the strengths of our business and we welcome their commitment to working with the existing management team, evolving the strategy and investing in the business to ensure its continued long term growth.”

Commenting on the prospect of working with Greene King’s team, Gerald Ma, Executive Committee Member and General Manager, Corporate Business Development Department of CKA said, “We have come to know Greene King well as we have been an owner of a portfolio of pubs which have been leased to them since late 2016. We share the strategy which Greene King has set out in its recent results announcement, that is to focus efforts on developing the brand, enhancing the service offering, training and retaining talent, executing an active estate management strategy, and all under a prudent financial management policy. I look forward to working closely with the management team as we embark on the next stage in the company’s growth.”

Shares in Greene King surged more than 50% after the deal was announced.

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