Ex-Greene King boss raises £200m from PE-firm to invest in struggling pub companies

A former boss of Greene King has raised £200m to invest in Britain’s ailing pubs industry, betting on the prospects of a post-pandemic recovery for the sector.

Sky News has learnt that Rooney Anand, who spent nearly 15 years as chief executive of one of Britain’s biggest pub operators, is to embark on a series of acquisitions in the coming months.

City sources said he was being backed by an unnamed US-based private equity firm, and had raised around £200m to help finance a takeover spree.

People close to his vehicle, Redcat Pub Company, said that Mr Anand was unlikely to pursue large corporate takeovers in the near term, but would focus on smaller acquisitions with scope for improving operational performance.

Britain’s pubs sector has been brought to its knees by the COVID-19 crisis, with thousands of sites facing permanent closure and industry chiefs left to plead for additional government support.

Many industry executives believe, however, that the ending of social distancing requirements will trigger a resurgence for the pubs sector.

Mr Anand also sits on the board of Wm Morrison, the supermarket chain, where he is senior independent director.

He left Greene King in 2019.

Last year, he stepped down as chairman of Casual Dining Group when its collapse into administration made it another corporate victim of the pandemic.

A spokeswoman for Redcat declined to comment on Tuesday.

Source: Sky News