North-East pub firm changes hands
Nov 14 2007 By Karen Mclauchlan
A TEESSIDE pub company has been snapped up in a £32.6m deal.
Billingham-based New Century Inns, which owns 49 tenanted and leased pubs, has been bought by brewer and pubs operator Greene King.
New Century Inns was set up in 1999 by the former directors of Century Inns - Alistair Arkley, Brian Lowe and Barry Whitehead.
Billingham-firm Century was bought out by drinks industry giant Enterprise Inns in a lightning hostile takeover in 1999.
Mr Arkley has been a leading figure in the Tees Valley since becoming managing director of the Camerons Brewery in Hartlepool in 1985. He went on to raise £50m to establish Century Inns which floated in 1995.
Mr Arkley said: "We felt this was the right time for everyone involved - including our staff, most of whom are shareholders themselves, and tenants - to see the New Century Inns business benefit from being part of a larger organisation such as Greene King.
"We had reached a point where further significant acquisitions were needed to scale the business up to the next level and we took the decision that the best interests of the shareholders and licensees at New Century Inns were served by joining a larger organisation such as Greene King.
"We look forward to seeing the pubs develop under Greene King’s excellent stewardship."
Rooney Anandok, chief executive of Greene King, said: "New Century Inns’ pubs are located across the North and North-east, areas we are keen to grow our presence."
Mr Arkley said the ‘New Century’ identity would continue on Teesside - albeit in a new guise.
New Century Enterprises now takes in the Passionate Pub Company and Chameleon Pubs, both of which Mr Arkley is chairman.
"We will be continuing to run a substantial operation from our offices in Billingham," he added.
Mr Arkley was awarded the CBE in last year’s New Years Honours List and is a former chairman of the Tees Valley Partnership.
See nebusiness in The Journal tomorrow to read more on the New Century Inns takeover.
