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Greene King seals restaurant deal

Published:  23 July, 2008

Greene King has bought UK restaurant chain Loch Fyne.

The pub company and brewer announced today that it will buy the Loch Fyne for 68.1 million.

Loch Fyne restaurants is a chain of 36 seafood restaurants mostly concentrated in southeast England and plans to increase the number of outlets by 20% within the year.

Greene King aims to double the number of existing sites, including the conversion of a number of Greene King pubs. Senior management has agreed to stay with the Loch Fyne chain under the new owners.

Rooney Anand, chief executive of Greene King,

said: ''Loch Fyne is a high quality, well-respected British restaurant brand which gives us greater access to the premium end of the market and brings to our business further operational expertise.'

Mark Derry, chief executive of Loch Fyne Restaurants, added: ''The tie-up with Greene King is an excellent development for Loch Fyne. It gives us the opportunity to capitalise on our already strong reputation and to accelerate the expansion of our business.'

In the twelve months to June 2008, Loch Fyne's pre-EBITDA is projected to be in excess of 10m, and its post-overhead EBITDA in excess of 8m. The acquisition will be financed from existing debt facilities.