Greene King at risk of shutting down 150 locations amid ‘perfect storm’ of rising inflation and taxes
Some 150 pubs owned by the brewery giant Greene King are understood to be at risk of closure in another blow to Britain’s high streets.
Greene King has announced plans to offload dozens of pubs onto the property market while converting another 150 venues into tenanted pubs.
As a result of this, hundreds of sites currently managed by the company will either be sold off or given to independent landlords
Furthermore, Greene King Pubs managing director Zoe Bowley is stepping down from her position, The Sun reports.
150 Greene King pubs are at risk of closure
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GETTYThis latest departure from the firm comes as chief executive Nick Mackenzie has slammed the “perfect storm” of rising inflation and employment costs in recent months.
With this move, around half of the impacted locations will be transitioned into its “Pub Partners” division as leased or franchise venues, while the other 150 are being evaluated for a potential sale over the medium-term.
These pubs will be placed into a new and separate business enterprise, which will be managed under a simplified model during the transition.
Concerningly, under two per cent of Greene King’s estate have been earmarked for immediate closure.
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