SOLIHULL-based pubco Enterprise Inns said today it had seen a stabilisation in trading as it continued its plans to dispose of 500 pubs by the end of its fiscal year.
Average income per pub was up by over 1% in the 18 weeks since its interim results after being flat during the first half of the year, it said in an interim management statement for the 44 weeks to July 30, 2011.
In the 18 weeks since its interim results, like-for-like net income per pub within the substantive estate declined by less than 1%.
These like-for-like figures take into account discretionary support given to publicans of around £1.4m per month.
“We continue to dispose of non-core pubs which do not fit the future profile of the business, with net proceeds to date of £69m from the sale of 335 pubs,” the statement added.
“In the full year, we expect to dispose of some 500 pubs, generating total net proceeds in the region of £110m.
“We largely completed our sale and leaseback programme in May, having raised £247m from the sale of 176 high value properties at an average rental yield of 6.5%.”
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