Greene King stays out of Capital Pub battle

The company behind Old Speckled Hen and operator of 2,429 pubs across Britain was seen by analysts as a possible "white knight" buyer of Capital, which has made it clear that the 200p a share "indicative" offer from Fuller's is unwelcome.

Chief executive Rooney Anand declined to be specific, but distanced himself from the notion.
"We've just bought a business in London, we've plenty going on. We've got a lot on our plates," he said. That business is Realpubs, 14 premium London pubs recently acquired for £52 million.

Anand said this deal and the Capital Pub bid battle are telling. "What it is showing you is that London is where the action is. People are looking ahead to the Olympics," he said.

In the year to May, Greene King's sales passed £1 billion for the first time, rising 6% to just past what Anand regards as "a landmark".

Profits jumped 14% to £140 million, allowing a 7% rise in the dividend to 23.1p.

Despite the strong results, Anand is cautious.

"I'd love to tell you we are immune from external factors. We aren't. But when our customers have a reason to go out and enjoy themselves, they are really going for it."

He reckons that people who are delaying or abandoning plans to buy a new house or car feel ever more inclined to enjoy a pint.

The Suffolk based firm is 212 years old.