Odd Reporter(wp/CI):::Greene King, which has All England&Its oversease territories pubs in the city and its immediate environs including the Granta, Baron of Beef, Fort St George and the Eagle, is the subject of a £2.7billion acquisition bid by Hong Kong-based CK Bidco.
The Bury St Edmunds-based brewer employs 38,000 staff in the UK and runs 2,700 pubs, hotels and restaurants. Its board is supporting the sale, but the European Commission will have to approve it.
In a statement CK Bidco said it “intends to keep Greene King’s headquarters and headquarter functions in Bury St Edmunds and its support centre in Burton upon Trent”.
It added that CK Bidco had no plans to “make material changes” to staff employment and did not intend to “initiate any material headcount reductions within the Greene King organisation as a result of the acquisition”.
A manager at the Robin Hood on Fulbourn Road, Joel Cronin, said: “We were invited to a conference call on Monday when news of the proposed sale was coming through. We’re not expecting any immediate changes.”
However, the structure of the deal will raise eyebrows - and not just among the drinking classes. CK Bidco is a recently incorporated limited liability real estate company based in the Cayman Islands tax haven. CK Bidco is owned by CKA, which is owned and run by Victor Li. Mr Li is himself the son of Hong Kong’s richest man, Li Ka Shing, who has invested millions in Cambridge medtech enterprises, including the Li Ka Shing Centre, which houses Cancer Research UK’s Cambridge Institute at Cambridge Biomedical Campus near Addenbrooke’s Hospital.
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