Greene King is to sell 20 of the 136 pub-hotels it bought from Old English Inns, but will create a special division for the brand within the managed pubs business, concentrating on pubs with accommodation. We plan to retain 81 Old English Inns under management, to transfer a further 35 smaller, more specialist properties to our tenanted division and dispose of 20 properties, most of which are leaseholds and do not fit our strategic criteria, commented chair, David McCall. The acquisition of Old English Inns represents an excellent opportunity to deliver future profit growth, he said. The company has announced a five per cent rise in interim trading profits for the 24 weeks ended 13 October. Turnover had increased by five per cent to £213.1m and trading profit by five per cent to £42.7m, while trading profit margin was maintained at 20 per cent.
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