Greene King appoints advisors for bulk sale of Loch Fyne
Earlier this year, the Bury St Edmunds-based brewer and pub operator appointed AG&G to market the then 31-strong seafood restaurant brand, which it acquired in 2007.
BigHospitality's sister title MCA reports that AG&G is still marketing a number of the sites but that PwC has been appointed to seek a group deal for the majority of the business, which currently operates 29 sites.
MCA understands that a handful of suitors had previously run the rule over the business, including Hugh Osmond, owner of the Strada and Coppa Club brands.
AG&G has sold a number of Loch Fyne sites over the last six months, including the restaurants in Loughton, Hertford and Beaconsfield, whilst other sites in Guildford and Reading have closed.
It is thought that in light of the issues facing the wider casual dining market, Greene King is looking dispose of the chain and concentrate on its core pub and brewing business, which includes c3,100 pubs and hotels.
It is not the first time Greene King has explored a sale of the business it acquired in 2007 for £68m.
Two years ago, it was understood that the Hungry Horse and Chef & Brewer operator was seeking offers for the then 38-strong Loch Fyne chain. At the time, it was reported to be valued at £100m.
The majority of the restaurants are located in the south of the UK with the greatest concentration in the Home Counties.
They are situated in a mixture of high street, town centre, leisure complex and shopping centre locations. Two restaurants are located in central London.
Most of the restaurants occupy character buildings, whilst three of the restaurants have letting bedrooms.
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