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Greene King buoyed by devoted drinkers
Simon English28 Jan 2009
Brewers and publicans are bracing themselves for a miserable 2009 but Greene King says punters are still supping.
The group behind IPA and Old Speckled Hen had relatively upbeat news today, suggesting that discerning ale drinkers are not going to let the recession interfere with their hobby.
“The anticipated post-New Year slowdown has not, as yet, taken place,” the company said, while admitting it is “very cautious” about the prospects for the year.
Profits at the group's tenanted pubs are down 5.3% in the 38 weeks to 25 January, a reflection of falling sales and higher levels of support from the company to the publican.
The brewing arm has seen sales down 1.5% over the same period. Greene King says it is now the number one brewer in the premium bottled ale market.
It has sold 90 properties, raising £35 million. This will help it to keep cutting debts.
Greene King was less than thrilled by rival pub chain
JD Wetherspoon's recent move to sell IPA for 99p. It fears the tactic will undermine the value of the brand.
Reader views (1)
If they don't like JD Wetherspoon's selling their beer at 99p a pint, stop supplying it to them.
It makes you wonder why JDW chose Greene King for their 99p beer. Maybe they thought that was the highest price they could sell it for.
- Andrew, London, 28/01/2009 21:53
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