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Greene King sells Old Speckled Hen to Spain’s Damm in major brewing shake-up

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Greene King sells Old Speckled Hen to Spain’s Damm in major brewing shake-up

After more than a quarter of a century pouring Old Speckled Hen down the throats of British shoppers, Greene King has decided enough is enough.

The Suffolk pub group has agreed to sell its best-known supermarket ale to Damm UK, the British arm of the family-owned Spanish brewer behind Estrella Damm, in a deal that effectively ends its ambitions in the off-trade.

The price has not been disclosed, but the strategic message is loud. Old Speckled Hen, which Greene King has owned since acquiring Morland Brewery in 1999, accounts for more than half of the company’s off-trade sales, the volumes that flow through Tesco, Sainsbury’s, Asda and the independents rather than across the bar. By handing the brand to Damm, chief executive Nick Mackenzie is conceding that the supermarket beer aisle is no longer a battleground worth fighting in.

“This has been a long-term decision,” Mackenzie told The Times, pointing to the structural challenges facing cask ale and the wider beer category. Selling through pubs, restaurants and bars, he added, “is where our long-term strategy and focus is”.

Why a spanish brewer was the natural buyer

For Damm, the deal is the logical next step in a UK push that began in 2023, when it picked up the former Charles Wells brewery in Bedford. The site, rechristened Damm Eagle Brewery, has since been the focus of a £70m investment programme designed to make it the company’s flagship outside Spain, as The Grocer reported when the upgraded facility opened last autumn. Folding Old Speckled Hen, together with Old Golden Hen, Old Crafty Hen and Old Hen sister brands, into that operation gives Damm a heritage British cask name to sit alongside its lager imports, and the volume to keep its new lines humming.

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Brewing of the Hen family is expected to migrate from Greene King’s Westgate Brewery in Bury St Edmunds to Bedford by June next year. Crucially for drinkers, the beers will still pull through in Greene King’s 1,600 managed pubs and on supermarket shelves once the transition is complete, according to the Morning Advertiser, which first detailed the wider brewing reset.

A tighter, on-trade-led brewing model

The transaction sits inside a much bigger reshaping of Greene King’s production footprint. The group is pouring £40m into a new, smaller brewery on the edge of Bury St Edmunds, alongside a fresh distribution depot. From next year it will brew only its core on-trade portfolio, Greene King IPA, Abbot Ale and the newer Hazy Day, at the site, replacing the historic Westgate Brewery in the town centre. Belhaven Brewery in Dunbar, East Lothian, is untouched by the changes.

“We are reflecting the size of the new brewery to reflect the market we are now operating in, and the market has changed pretty significantly,” Mackenzie said. “We believe we can control what we can control by focusing on our beers in our pubs.”

That candour will land uncomfortably with brewery staff. Greene King has declined to put a number on the jobs at risk, but a consultation began on Tuesday. The new plant is designed to be more efficient and to need fewer hands. For an industry already navigating brutal economics, the UK lost 100 breweries in 2024 alone, as Business Matters reported in its review of rising brewery insolvencies, it is another sign that scale-back, not expansion, is the order of the day.

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The off-trade retreat in context

The decision to walk away from supermarkets is striking, given how much energy big brewers have historically spent on shelf space. But the maths has changed. Off-trade beer is a heavily promotional, low-margin game dominated by global lager brands, while cask ale, once a supermarket fixture, has been in slow retreat as drinkers gravitate to lager, world beers and low-and-no alternatives.

For Greene King, which still pulls a competitive pint through its own estate, the calculus is simpler than ever: a barrel sold in a managed pub earns far more than the same barrel battling for promotional slots in a multiple grocer. The Old Speckled Hen sale crystallises that logic.

The wider strategic reset under hong kong ownership

The brewing shake-up is the latest move in a sweeping rethink of the business under Hong Kong owner CK Asset Holdings, which bought Greene King for £4.6bn in 2019 in a deal led by billionaire Li Ka-shing. Last year the group posted revenues of £2.53bn but slipped to a £23.4m pre-tax loss, with net debt, excluding lease liabilities, running at around £2bn and annual servicing costs of close to £95m.

In March, Greene King confirmed it would sell 150 of its managed pubs and convert another 150 into tenanted houses as part of a refreshed estate strategy. Combined with the brewing slimdown and the Old Speckled Hen disposal, the picture is of a group methodically shedding the things it does not need to own and concentrating capital on what it considers core, wet-led, managed pubs where it controls the customer, the menu and the margin.

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“For us, this is about how we future-proof the wider business and how we leverage our model,” Mackenzie said.

What it means For SME drinks and hospitality operators

For independent brewers and smaller pub operators, the implications cut both ways. The exit of a heritage cask brand from Greene King’s in-house portfolio frees up roughly half a pump line’s worth of off-trade attention and could give regional cask ale producers a slightly better shot at supermarket buyers. Equally, Damm’s decision to back a British ale at scale signals continued international appetite for UK-brewed brands, and reinforces Bedford’s emergence as a serious brewing cluster.

The blunter truth, though, is that one of the country’s most recognisable cask ales is now under foreign ownership because its British parent has concluded that supermarkets are not where its future lies. In an industry still struggling with input costs, business rates and shrinking discretionary spend, that is as honest a piece of strategic communication as the sector has heard for some time.


Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

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Costamare Stock: The Business Has Improved, The Relative Case Has Not (NYSE:CMRE)

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Costamare Stock: The Business Has Improved, The Relative Case Has Not (NYSE:CMRE)

This article was written by

I cover stocks that I usually own or that I like to research. I also believe in the future of Bitcoin. Follow me for intricate ideas and (hopefully) market-beating returns 🙂 .

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Broadcom Stock Looks Like A Value (Growth) Trap (NASDAQ:AVGO)

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Broadcom Stock Looks Like A Value (Growth) Trap (NASDAQ:AVGO)

This article was written by

Julian Lin is a financial analyst. He finds undervalued companies with secular growth that appreciate over time. His approach is to look for companies with strong balance sheets and management teams in sectors with long growth runways.
Julian is the leader of the investing group Best Of Breed Growth Stocks where he only shares positions in stocks which have a large probability of delivering large alpha relative to the S&P 500. He also combines growth-oriented principles with strict valuation hurdles to add an additional layer to the conventional margin of safety. Features include: exclusive access to Julian’s highest conviction picks, full stock research reports, real-time trade alerts, macro market analysis, individual industry reports, a filtered watchlist, and community chat with access to Julian 24/7. Learn more.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of GOOGL, NVDA either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Thai Gold Prices Plunge After Record 38 Daily Revisions

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NACC Returns 1.5 Billion Baht Worth of Seized Gold from Tax Fraud to Ministry of Finance

Gold prices in Thailand experienced extreme volatility on June 10, 2026, with 38 revisions. The day concluded with a sharp THB2,450 drop, prompting investor and consumer caution.


Key Points

  • Gold prices on Wednesday, June 10, 2026, experienced significant intraday volatility.
  • The Gold Traders Association recorded 38 price adjustments before the market’s final close.
  • Prices dropped sharply by THB2,450 from the previous day, leading to investor and consumer scrutiny.

Volatile Trading Day Culminates in Sharp Decline

Gold prices on Wednesday, June 10, 2026, experienced extreme volatility, marked by an unprecedented 38 successive price revisions announced by the Gold Traders Association. This dynamic trading environment persisted throughout the day, creating an atmosphere of uncertainty for market participants. The day’s trading concluded with a significant downward correction at the 5:11 PM market close, indicating a pronounced shift in market sentiment during the latter part of the trading session.

Substantial Price Drop Impacts Market

The sharp decline observed at the close of trading represented a considerable loss for gold holders, with the price falling by a total of THB2,450 compared to the preceding day’s closing value. This substantial price movement prompted widespread attention from both investors, who are closely assessing the implications for their portfolios, and consumers, who are monitoring the affordability of gold. The significant drop underscores the sensitivity of gold prices to various market forces and investor behavior.

Investor and Consumer Vigilance

Following the day’s pronounced price fluctuations and the significant drop, a heightened sense of vigilance is evident among both investors and consumers. The latest market data, specifically the 38th announcement of gold buying and selling prices, serves as a critical reference point for understanding the immediate impact of the day’s trading. This close monitoring is crucial for making informed decisions in the wake of such a volatile trading period and anticipating future price movements.

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Sodexo books $100m Westgold contract

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Sodexo books $100m Westgold contract

Sodexo Australia has extended its working relationship with Westgold Resources after securing a significant renewed agreement.

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SAB Biotherapeutics, Inc. (SABS) Presents at FOCIS 2026 Annual Meeting – Slideshow

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

SAB Biotherapeutics, Inc. (SABS) Presents at FOCIS 2026 Annual Meeting – Slideshow

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Verizon: A Good Defensive Play In Times Of Market Exuberance

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Verizon: A Good Defensive Play In Times Of Market Exuberance

Verizon: A Good Defensive Play In Times Of Market Exuberance

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Pimco says ‘credit loss cycle’ has begun, favours quality bonds

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Pimco says ‘credit loss cycle’ has begun, favours quality bonds
Pacific Investment Management Co. is warning that the “credit loss cycle is upon us” as heavy spending on artificial intelligence could widen economic outcomes and hit lower-quality borrowers. Pimco’s Richard Clarida, Andrew Balls and Daniel Ivascyn said in the firm’s latest annual secular outlook report that “the default cycle is reasserting itself, and we expect significantly higher losses in lower-quality credit such as leveraged and private direct lending.”

Pimco, which manages $2.3 trillion in assets, said the AI buildout could widen the range of economic outcomes over the next five years while leaving weaker and more heavily leveraged borrowers more exposed. High-grade credit spreads — the extra yield investors demand over US Treasuries to hold highly rated corporate debt — remain near their lowest levels in three decades. Demand for riskier debt has also held up despite a recent global bond selloff, as higher yields draw buyers. Pimco said that backdrop clashes with “elevated secular uncertainty,” and “we interpret this as complacency rather than strength.”

The firm also pointed to “increased instances of maturity extensions and payment-in-kind structures that allow borrowers to repay debt with more debt.”

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Gold rises from 6-mth low amid heightened Iran tensions, Fed rate concerns

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Gold rises from 6-mth low amid heightened Iran tensions, Fed rate concerns

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GSA sells Old Post Office Building, former Trump Hotel, on Pennsylvania Ave

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GSA sells Old Post Office Building, former Trump Hotel, on Pennsylvania Ave

The General Services Administration (GSA) on Wednesday announced the sale of the Old Post Office Building located at 1100 Pennsylvania Avenue in Washington, D.C.

The building was previously the Trump International Hotel from 2016 to 2022 until the Trump family firm sold the leasing rights for $375 million. The hotel reopened later in 2022 as the Waldorf Astoria Washington D.C., under the management of Hilton.

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GSA said that its sale of the building included terms that “permanently secured public access to the iconic clock tower while establishing strong protections for the building’s architectural heritage through a binding preservation covenant.”

The deal also includes a dedicated fine arts covenant that will retain the American public’s ownership of artwork within the facility, including Robert Irwin’s “48 Shadow Planes” and a historic Benjamin Franklin Statue.

TRUMP REVEALS NEW WHCA DINNER VENUE AFTER SHOOTING CHAOS DERAILED GALA

The Old Post Office Building with the Capitol in the background

The Old Post Office Building is a recognizable landmark on Pennsylvania Avenue. (Kevin Carter/Getty Images / Getty Images)

GSA’s sale is moving forward under the terms of the existing ground lease, which gives BDT MSD Partners, a merchant bank, the right of first offer. 

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The Wall Street Journal reported that BDT & MSD Partners acquired the building and land for $80 million, according to people familiar with the matter. The report noted the bank is discussing selling the property for a total of $400 million.

Hilton currently has a long-term agreement in place with the hotel to operate it as the Waldorf Astoria, and that arrangement would continue with a new leaseholder, the Journal reported.

TRUMP ORGANIZATION CLOSES $375M SALE OF DC HOTEL THAT WILL BECOME A WALDORF ASTORIA

The Benjamin Franklin Statue at the Old Post Office Building

The Old Post Office Building contains historic art, including a statue of Benjamin Franklin.  (Kevin Dietsch/Getty Images)

The Old Post Office Building was completed in 1899 and originally served as the headquarters for the U.S. Post Office Department and the post office for Washington, D.C.

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It is listed in the National Register of Historic Places and its Romanesque Revival architecture makes it one of the most recognizable buildings on Pennsylvania Avenue, featuring a prominent clock tower and atrium. The facility is also located near the White House and other Washington, D.C. landmarks.

THE TRUMP ORGANIZATION EYES DEAL TO CONVERT DC WALDORF-ASTORIA BACK INTO TRUMP INTERNATIONAL HOTEL: REPORT

The Waldof Astoria

The Waldof Astoria, the former Trump International Hotel at the Old Post Office Building in Washington, D.C., as seen on Aug. 18, 2022. (Kent Nishimura / Los Angeles Times via Getty Images)

According to GSA’s announcement, before the property was redeveloped into a hotel, taxpayers were absorbing about $6 million a year in losses on the building. 

Since then, there has been over $250 million in private sector capital invested in the property and taxpayer revenues in the last decade, including the current sale, are expected to exceed $110 million.

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GSA has listed dozens of other federally-owned properties for sale since early last year as the Trump administration looks to reduce federal spending on underutilized office space and real estate.

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Aegon Ltd. (AEG) Shareholder/Analyst Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

David Herzog

Ladies and gentlemen, my name is David Herzog, and I am the Chair of the Board of Directors of Aegon Limited. On behalf of Aegon, I welcome you to Aegon’s 2026 Annual General Meeting of Shareholders. I hereby open the meeting. I’m pleased to welcome our shareholders participating in this meeting today.

Let me introduce the people present with me here at the table. Mark Ellman, Chair of the Compensation and Human Resource Committee; Lard Friese, Executive Director and CEO; Duncan Russell, our Chief Financial Officer; and Bieke Debruyne, Company Secretary. The other members of the Board of Directors as well as Director nominee, Ms. Leni Boeren are present here as well.

Also present here today, Onno Van Klinken, our General Counsel; Yves Cormier, Head of Investor Relations; and [Sonya Natia], the principal representative of the company. I hereby appoint Bieke as Secretary of this general meeting. She will keep minutes of today’s meeting. Before we continue, I would like to make a few remarks. Shareholders who have been registered through the e-voting portal prior to the start of the meeting and who are participating in a virtual manner have been directed automatically to the Lumi environment, in which they can vote and ask questions. To accommodate live voting and keeping in mind a short delay in the live stream, the voting is now open and will remain open until the last voting item on the agenda.

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Voting results will be shown at the end of the meeting. To ensure a constructive dialogue with all

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