UK pub chain announces sale of 65 pubs not serving food

Greene King currently operates over 2,500 pubs, and the latest portfolio change comes as part of its pub estate strategy.

The company said the chosen pubs could be purchased individually or as part of a larger group.

READ MORE: Greene King plans to sell 150 pubs

Greene King runs pubs across Oxfordshire but has not yet identified which 65 pubs are being put up for sale.

A spokesperson said: “As part of our pub estate strategy announced earlier this year, we identified a number of pubs for potential sale in the medium term.

“As a result, we are reviewing each pub to determine the most appropriate route to market, which may involve an open sales process or a targeted off-market approach.

“In either case, prospective purchasers may seek to acquire individual or multiple sites.”

Founded in 1799, Greene King operates about 2,500 pubs, as well as 1,000 leased, tenanted and franchised venues.

The package of pubs, known as Project Portico, is said to include mainly “wet-led” pubs across the UK, meaning those that focus on selling drinks, not food.

Potential buyers have apparently been told they can buy the entire portfolio themselves, a smaller group, or just one individual pub.

The operator is yet to confirm which pubs are set to be included in the package and no closures have been announced in connection with the move.

In March, Greene King announced Greene King it was considering putting up to 150 of its managed sites up for sale, and converting around another 150 into tenanted pubs, as part of a shake-up of its estate in the face of soaring costs and tougher trading.

Nick Mackenzie, chief executive of Greene King, said at the time: “We are confident that our new pub estate strategy will set us up to deliver sustainable profitable growth for the long term as consumer habits continue to evolve and the operating environment remains dynamic.”

The company said it planned to reinvest a “substantial” amount of cash raised from the sale of managed pubs into its remaining core estate.

The White Horse in Abingdon (Image: Andy Ffrench)

Last year, Greene King decided that it would no longer directly run The White Horse on the corner of Spring Road and Ock Street in Abingdon and it reopened earlier this year under new management.

The brewery chain said in an advert that The White Horse was becoming a Hive franchise pub.

It added: “A Hive Pub franchise offers you: the chance to be your own boss, and lower operational costs than a tenancy model.

“As a franchisee, Greene King will offer you: a comprehensive induction programme, a fully refurbished pub, that’s ready to trade, we’ll even cover most of the operational costs.”

The pub has been busy with customers since it reopened in May, with a large garden, TV screens throughout to show sports, and food served all day.

There is no suggestion that The White Horse is affected by the Project Portico proposals.