Enterprise Inns pub sell-off continues
SOLIHULL pubco Enterprise Inns has sold 15 pubs to rival Fuller Smith & Turner for £22.9m
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The portfolio comprises 15 freehold, tied and tenanted pubs in the west and south west of England and Fuller’s said it would finance the deal from existing bank facilities.
Under Enterprise’s ownership, the pubs generated operating profits of £1.7m in the year to September 30 and had a balance sheet value of £18.4m as of that date.
Simon Emeny, Fuller’s group managing director, said: “We are delighted to have added 15 more excellent pubs to the Fuller’s estate. The transaction demonstrates the continuation of our strategy to selectively purchase only the highest quality pubs, where the Fuller’s name and operating style can add real value.”
This sale is in line with Enterprise Inns’ objective to use disposal proceeds and other surplus cash to reduce debts through repayment of bank debt or to purchase notes or corporate bonds.
At the end of December the company said it was making good progress despite a decline in profits before tax of £18m.
It was revealed that over the year Enterprise Inns has made £238m from disposals and a sales and leaseback programme. At that point the pubco’s estate comprised 6,361 properties valued at £4.6bn.
