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The remaining nine freehold pubs were withdrawn from the sale, meaning that the £14 million which Enterprise Inns planned to raise from the sales fell to under £4 million.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.
Premier provider of carpentry and joinery in London and counties, catering to a diverse clientele encompassing luxury and mid-range property developers, main contractors, and discerning private clients.
A concept which led to revolutionizing the restaurant industry, offering an efficient and profitable approach to food production and targeted marketing.
As a specialist in Italian Motorcycle Parts and Accessories supplies, the business has developed expertise in sourcing and offering a comprehensive range of high quality products.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.