Pub sell-off raises more than £9m for Enterprise Inns

Enterprise Inns has raised £9.25 million from an auction at which the freeholds of seven of its London pubs were sold off.

After the sale of the freeholds through auctioneers Allsop, the pub giant then leased the pubs back on new 35-year leases. Nine pubs were originally put up for sale but one was withdrawn from sale whilst the other - The Dartmouth Arms in Forest Hill, South London - is still available to buy at a guide price of between £775,000 and £825,000, with rent of £60,000.

The pubs sold were The White House in Highbury, North London, which sold for £870,000; The Archers in Whitechapel, East London, which sold for £810,000; The Elgin Bar & Grill in Maida Vale, North London, which sold for £1.46 million and The Northumberland Arms, King’s Cross, London, which sold for £1.07 million.

Other pubs sold were The Princess of Wales, Primrose Hill, North London, which sold for £1.59 million; The Mall Tavern, Kensington, West London, which sold for £1.79 million and The Chesterfield, Bayswater, West London, which sold for £1.66 million.

The Beaconsfield in Harringay, North London was withdrawn from sale with a guide price of between £900,000 and £950,000.

Enterprise Inns has already raised more than £110 million through selling the freeholds of more than 70 pubs in London through a series of auctions. The pub company plans to host further auctions over the next few months, including one today in which it will sell off four more London pubs. The funds raised will be used to pay off the group's debt.

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