Business

Greene King appoints advisers to sell Loch Fyne

Pub group Greene King has appointed advisers to sell off the Loch Fyne restaurant chain.

The possible sale was first reported back in February, but it emerged today that advisers at PwC had been appointed to oversee the process.

According to hospitality industry website MCA, PwC will handle a sale of the whole Loch Fyne group. Meanwhile property agent AG&G is handling the sale of a small number of sites.

Read more: Greene King shares bubble up despite the Beast from the East hitting sales

Several branches of the restaurant chain have quietly closed their doors in the past few months, including sites in Henley, Reading and Hertford. It now has just under 30 sites.

It comes amid a tough year for the restaurant sector. Notable casualties of a downturn in consumer spending and rising costs have included Prezzo, Jamie's Italian and Byron which all closed sites this year.

Just today, London restaurant business Conran & Prescott fell into administration. This led to the closure of three sites in the capital including the Albion in Clerkenwell.

Read more: Carluccio's gets creditors' backing to close up to a third of restaurants

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