Enterprise Inns to let go of its strongest pubs
It aims to raise up to £200 million a year by disposing of 200-300 of its pubs. It has a total of 6,200 tenanted pubs.
Enterprise Inns has sold about 1,000 pubs in the past two years. In March 2011, it announced plans to sell off about 400-500 pubs throughout the year to generate about £125 million.
More recently, the firm has sold 15 pubs to Fuller, Smith & Turner for £22.9 million this year.
Enterprise’s chief executive Ted Tuppen commented on the continued sell off to the Financial Times, “It’s a bit of asset management – we have the opportunity to generate a lot of cash by selling a relatively small number of very attractive pubs.”
“We are required to refinance our bank debt by December 2013 and it will be a lot easier to refinance a slightly smaller debt.”
Mr Tuppen founded Enterprise Inns in 1991. Pubs have been suffering in recent years due to rising beer prices, and higher energy bills, but not due to lower customer spending.
Latest Businesses for Sale
Digital printing specialists, commercial and retail stationers, lithographic printing and various ancilliary services. Freehold retail shop and long leased factory unit. Sale price includes all equipment and properties. NP £80k...
This leading highly profitable, UK based manufacturer of exploration, drilling and sampling equipment, supplies to the world minerals/earth sampling markets, the highest quality of earth drilling, boring, core sampling and in-situ ground testing equipment. The company has an enviable reputation for ..
Three Victorian houses joined together to form a luxury 8,500 sq. ft. facility. Includes reception, two lounges, four dining rooms, 16 en-suite bedrooms, music room, two kitchens, conservatory, bar, sauna, hot tub and more...
View More Businesses for Sale >>
Businesses for Sale
Do you want to gain access to the latest businesses for sale as well as all UK administrations, liquidations and all winding-up petitions?
Business Sale Report is your complete solution to finding great aquisition opportunities.
10 Biggest Buyer Mistakes
Fill in your details below to get our FREE guide