Fullers add 15 freehold tenanted pubs from Enterprise Inns

6th February 2012, 2:22pm

Fuller, Smith & Turner has agreed to acquire 15 freehold, tied, tenanted pubs from Enterprise Inns for £22.9 million.

Fuller's will fund the transaction from existing bank facilities and the deal is expected to be complete by the end of March.

The 15 pubs generated operating profits of £1.7 million in the year to 30 September and had a balance sheet value of £18.4 million as of that date.

Fuller's said the pubs allow the company to have representation in the west and south east of England where they "have previously been under-represented".

Simon Emeny, Fuller's group managing director commented: "We are delighted to have added 15 more excellent pubs to the Fuller's estate. The transaction demonstrates the continuation of our strategy to selectively purchase only the highest quality pubs, where the Fuller's name and operating style can add real value.

"This deal will take the total number of pubs acquired by Fuller's in the last 12 months to 29, giving the business tremendous momentum as we head towards the summer of 2012."

Fuller's chairman Michael Turner added: "These pubs are carefully selected, quality assets and their acquisition is wholly consistent with our long term strategy. We look forward to welcoming these pubs, their licensees and staff to the Fuller's estate."

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