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Greene King serves up Scottish restaurant chain
Pub and brewery group Greene King has made its first acquisition in the catering sector, adding Loch Fyne Restaurants to its portfolio.
On completion, the £68.1 million cash deal will bring 36 seafood restaurants into Greene King’s fold. Existing plans propose to increase the number of Loch Fyne’s restaurants by 20% before April next year.
The acquisition will be financed by existing debt facilities and is expected to be earnings enhancing in the first year of ownership.
In the 12 months to June 2008, Loch Fyne's pre-overhead ebitda is projected to be more than £10 million and its post-overhead ebitda more than £8 million.
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