Greene King buys Loch Fyne for £68.1m
Greene King has announced the purchase of fish restaurant chain Loch Fyne for £68.1m.
The Bury St Edmunds brewer and pub company has acquired all 36 sites, many of which are former pubs, and says it plans to increase the number of outlets by 20 per cent in the current financial year.
Speaking to the Publican, Rooney Anand, chief executive of Greene King, said the company would be retaining the same operational structure within the Loch Fyne business that has been so successful in previous years - as a result the top three executives, including chief executive Mark Derry, will continue to help run the business. Added to this the top 16 managers within the business will be retained for a minimum of two years.
Mr Anand added: "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 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. We're delighted to have found a buyer who recognises our strengths and whose style of management fits so well with our own."
