Newspaper article The Journal (Newcastle, England)

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Newspaper article The Journal (Newcastle, England)

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Article excerpt

MAIL ON SUNDAY SUFFOLK-BASED pubs and brewery group Greene King was in the spotlight when it announced the takeover of Blackburn-based pub restaurant group Cloverleaf last month.

Shares jumped on news of the pounds 55.8m deal, amid analyst praise for the move and cheer at robust trading over the Christmas period.

But the stock has since slipped back in line with wider market volatility, posing an opportunity for investors.

Its Cloverleaf acquisition has added another 12 restaurants to Greene King's existing estate, which includes the Hungry Horse carvery chain and Loch Fyne sea food restaurants, Belhaven and Old English.

Greene King plans to invest pounds 25m on 10 Cloverleaf openings within two years as it focuses on food-led sites.

Half-year results showed sales up by more than 4% at pounds 484m and profits up 17% at pounds 60m.

Analysts at Numis Securities upped profit forecasts for the current financial year and following two years. …

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