Enterprise Inns sells 15 pubs
Solihull pubco Enterprise Inns has exchanged contracts for the sale of 15 pubs to Fuller Smith & Turner for more than £22m.
The net book value of the pubs at 30 September 2011, which sold for £22.9m, was £18.4m.
Under Enterprise's ownership, the pubs made operating profits of £1.7m in the year to 30 September 2011, the company told the Stock Exchange.
"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," Enterprise said.
It follows the sale and leaseback of a portfolio of 17 freehold pubs in London and the South of England in December for £23.85m. The pubs were leased back to Enterprise Inns on new 35-year leases.
Revenue fell to £711m for the year ended 30 September 2011, down from £758m the year before, the company announced in November.
