Greene King acquires Cloverleaf
Green King acquires Cloverleaf
Pub restaurant group Cloverleaf has been purchased by Greene King in a deal worth £55.8 million.
The completion of business negotiations added another 12 restaurants to Greene King's existing estate, which includes the Hungry Horse carvery chain, as well as Loch Fyne sea food restaurants, Scottish business Belhaven and the Old English chain.
Greene King now plans to invest £25 million to open ten Cloverleaf venues within two years as part of its strategy to focus on food-led sites.
The firm stated it was an "exciting acquisition".
"Cloverleaf operates large, freehold, quality pub restaurants, across the north of England and the Midlands and is well positioned to capitalise on the growing carvery market," it said.
Following the acquisition news and today's (January 31st) trading update Greene King's shares rose five per cent.
Business negotiations have also been completed by the Britannia Hotel Group as it has acquired the Pontin's holiday camp brand.