Enterprise completes £25m sale of pubs to rival
SOLIHULL pubco Enterprise Inns has completed the sale of a portfolio of pubs to London rival to Fuller Smith & Turner.
In addition to the agreed sale of 15 pubs, Enterprise Inns has agreed to sell one additional pub to Fullers, bringing the deal total to £25.4m.
The net book value of the 16 pubs at September 30, 2011 was £20.5m and the net income attributable to the pubs was £1.9m.
Enterprise said the sale was in line with the company’s objective to use disposal proceeds and other surplus cash to reduce debts through repayment of bank debt or to purchase notes or corporate bonds.
The portfolio of pubs includes 15 freehold, tied and tenanted properties in the west and south west of England and Fullers has financed the deal from existing bank facilities.
