Highlights
- Greene King is considering selling 150 managed pubs and converting another 150 into tenanted venues.
- The company employs around 40,000 people and runs about 1,500 managed pubs and 1,000 leased and tenanted venues.
- A small number of pubs will also close representing fewer than 2 per cent of its managed estate.
Changing pub industry
The move comes as the pub industry faces huge pressure from rising employment costs, high inflation and customers cutting back on eating and drinking out.
While the government has offered temporary business rates relief many in the industry say it does not go far enough.
Mackenzie said the whole market was changing adding: "Consumer dynamics are changing, the economics of running our pubs are changing and have been over the past few years."
By reshaping its managed estate Greene King hopes to invest more heavily in its best performing pubs and grow market share by 2030. The 150 pubs being converted will move into a new business division during the transition.
The company stated that the strategy would "enable greater and more focused investment into the core portfolio" and help position the business for success in an increasingly competitive market.
Greene King also brews its own beers including Old Speckled Hen and Abbot Ale.
