Thu, 31 Mar 2011 | BUSINESS SALE
Pub giant Enterprise Inns has sold off three of its pub freeholds as part of its plans to dispose of 400-500 pubs throughout this year.
Enterprise Inns had put 12 of its freehold pubs into the auction - which was hosted in London last week by auctioneers Allsop - but only three of them sold, garnering the firm £3.5 million.
The sold pubs were the Stamford Arms in Southwark, which sold for £860,000 - yielding seven per cent, The Blackstock in Finsbury Park, which sold for £1.05 million - a yield of 6.7 per cent, and the Wheelbarrow in Camden, which sold for £1.57 million, representing a 5.7 per cent yield. Enterprise Inns now plans to lease the pubs back on new 35 year leases.
The remaining nine freehold pubs were withdrawn from the sale, meaning that the £14 million which Enterprise Inns planned to raise from the sales fell to under £4 million.
The mass disposals planned for the rest of 2011 are predicted to net the company around £125 million, which will be put towards alleviating the losses affecting its operating profits.
The losses were brought on as a result of the extreme weather conditions at the end of last year, when pub-goers opted to stay at home rather than venture out to pubs.
In a prime location, this freehold business opportunity includes a detached, well-equipped bakery factory along with a retail outlet and cafe, all part of a family business with a century of trading history.
Established in key industries like power generation and rail, this company offers specialised electrical and engineering services across the UK and Ireland, boasting strong relationships with blue-chip clients and a reliable income stream.
This well-established company has a decade-long track record in a growing market and is fully relocatable or can be operated remotely, providing flexibility for the new owner.
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