The William Pears Group, one of the UK’s biggest privately-owned property groups, is rumoured to be in exclusive talks to acquire a c300-strong tenanted pub portfolio placed on the market by Greene King earlier this year, M&C Report understands.
Greene King placed the portfolio, entitled Project Lake, on the market through PricewaterhouseCoopers (PwC) at the start of the year.
It is thought that Ted Kennedy, the industry veteran, who is currently managing the former GRS Inns and Pubfolio estates, may have been lined up to manage the portfolio of sites if the deal goes through.
The move is part of Greene King’s long-term strategy of expanding its managed estate to around 1,100 and cutting back its c1,250-strong tenanted estate.
The Pears Group previously acted as one of the property partners to the Alan Bowes-led London & Edinburgh estate, which was placed into administration in 2006. At the time, it operated 146 Swallow hotels and inns and around 400 pubs.
In 2003, a joint venture comprising Flodrive, London & Edinburgh and the Pears Family Trust acquired 252 pubs from Punch Taverns for £57m.
