British Pubs Aren't the Only Brexit Bargain
Like Greene King, Whitbread is another U.K. company with decent property assets that looks even cheaper because of the plunging pound.
Thirsty times.
Photographer: Bloomberg/BloombergThe 2.7 billion pound ($3.3 billion) offer for the British pub chain Greene King Plc from an investment group backed by billionaire Li Ka-Shing has put the spotlight on other unloved businesses in the U.K. leisure sector.
One stands out: Whitbread Plc. Since the hotel and restaurant operator returned 2.5 billion pounds to shareholders from the 3.9 billion pound sale of its Costa coffee stores, its stock has been in the doldrums. But it owns lots of property, which is just the thing that drew Li to Greene King. Some 65% of Whitbread’s estate is freehold, and international buyers might be attracted by the prospect of using the dirt-cheap pound to grab themselves some British property assets.