In its announcement yesterday (23 June), Greene King said the deal was the most high profile in the pub sector since Punch Taverns acquired the original Spirit Pub Company in 2005.
'Best brands'
Rooney Anand, chief executive of Greene King, said, “I am delighted to announce the completion of the acquisition of Spirit, bringing together two successful companies to create the UK’s leading managed pub company. Our focus now turns to building a combined business of our best brands, people, locations, and processes to ensure we succeed in the eating and drinking out markets for the long term.
"As we begin this exciting new phase in our history, Greene King will continue to focus on creating a great place to work for our people, delivering industry-leading value, service and quality to our customers and maximising value for our shareholders.”
'Industry leader'
Mike Tye, chief executive of Spirit, said: “The deal to combine Greene King and Spirit has now completed. The combined business will be the largest managed pub company in the UK and a real force to be reckoned with, especially by taking the best of both businesses and creating a clear industry leader.”
The two companies will have a combined revenue in excess of £2.1bn and EBITDA of £490m on a pro forma basis
Greene King has predicted cost synergies of at least £30m achieved through purchasing savings from enhanced scale, distribution savings and lower central costs.
This story first appeared on M&C Allegra.