Pubs giant Greene King on Friday reported lower sales in what is likely to be its final trading update before shareholders vote on a £2.7 billion takeover by Hong Kong’s richest man.
The FTSE-250 brewer and pubs operator said comparable sales fell 1.8% in the 18 weeks to September 1. It was unable to match growth seen last year when it benefited from hot weather and the World Cup.
Trading improved in the last seven weeks, with comparable sales 1.5% higher.
The company said it is on track with cost saving plans, and expects to dispose of 85-95 pubs this year, generating proceeds of up to £55 million. Some of that will be used to fund the opening of eight new pubs.
Boss Nick Mackenzie said “it remains business as usual” at the firm which billionaire Li Ka-shing made a 850p-per-share offer for last month.
At today’s annual meeting investors were expected to support the group’s remuneration report.
That is despite shareholder advisory group ISS urging them to vote against a £850,000 pay-off to former chief Rooney Anand.
