Pub retailer and brewer Greene King has acquired New Century Inns (NCI) from management and staff for £32.6 million in a bid to corner the northern market.

NCI comprises 49 tenanted and leased pubs in Northumberland, County Durham, Yorkshire and Derbyshire, 48 of which are freehold.

The acquisition will augment Greene King’s previous Laurel neighbourhood estate and Hardy & Hansons acquisitions in the north, provide the business with a base from which to acquire further freehold pub assets in the north, and further  Greene King’s distribution opportunities for its Greene King IPA, Abbott Ale and Old Speckled Hen brands.

Value creation opportunities at NCI include the introduction of Greene King’s systems, increased targeted capital investment into the estate, selected conversions from tenancy to lease, and overhead and purchasing synergies.

NCI’s chairman, Alistair Arkley, commented: “We had reached a point where further significant acquisitions were needed to scale the business up to the next level and we took the decision that the best interests of the shareholders and licensees at NCI were served by joining a larger organisation such as Greene King. We look forward to seeing the pubs develop under Greene King’s excellent stewardship.”