Pub giant putting 65 locations up for sale as part of ‘major shake-up’

A number of locations are set to go on sale

The pub chain is eyeing up dozens of locations which it is looking to sell off as part of a plan known internally as 'Project Portico', as reported by The Mirror.

Greene King is the UK's second largest pub chain and is looking to sell a number of sites either individually or as part of larger groups, the operator said.

The sale is focusing primarily on "wet-led" pubs, locations which focus mainly on selling drinks rather than food, as per industry publication Propel.

While Greene King is yet to confirm which pubs will be going up for sale, potential buyers could snap up the entire portfolio, or smaller groups of pubs.

Meanwhile, no closures have been announced in connection with this sale and sold pubs won't necessarily be closing either.

A Greene King 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.”

This sale is part of a plan known internally as 'Project Portico' which was first announced in March by the pub chain.

It is part of a wider shake-up which will see around 300 managed pubs "suited to different operating models" being leased, tenanted or franchised as part of Greene King’s Pub Partners scheme.

Another 150 locations are being looked at and evaluated for potential sale with that cash being reinvested into the operator's core pub estate.

The operator put 13 freehold pubs and hotels on the market in April and another 10 freehold pubs in May.

Greene King is the UK's second largest pub chain, operating around 2,500 pubs, restaurants, and hotels across the UK, including approximately 1,000 leased, tenanted and franchised venues.

Its latest financial results showed revenue climbed 3.6 per cent to £2.5bn, while adjusted operating profit rose 9.8 per cent to £217m.