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The remaining nine freehold pubs were withdrawn from the sale, meaning that the £14 million which Enterprise Inns planned to raise from the sales fell to under £4 million.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.
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FREEHOLD
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