Fullers to sell Broadwalk and late-night bars after disapointing results

London brewer Fullers is to sell off its Broadwalk chain and other late night bars after they failed to perform to expectations.

The announcement came as the company revised its predicted full year profit forecast down by £2m.

In a statement, Fuller's said the sale of its young persons outlets would free it up to concentrate on its core pub estate.

The statement said: "The board of Fuller, Smith & Turner announces that it has decided to sell its late night bars and Broadwalks. The performance of these businesses has not met the group's expectations and the board believes that there are other specialist operators better suited to extract value from this style of format."

The company's hotel division has also suffered from delayed openings and increased pre-opening costs and Fullers warned that the after-effects of the US attacks would hit trade.

Core operations, managed and tenanted inns, Fine Lines, hotels and the brewery were said to have performed satisfactorily in the first half.

Anthony Fuller, chairman of Fullers, said: "While market conditions are challenging, Fullers remains well placed to strengthen further its market position.

"Operationally, the Beer Company has strong brands and consistently outperforms its markets. The hotel division has a strong and differentiated offer and although the current turmoil will have some short-term adverse effects, the longer-term prospects for our hotels are good.

"Finally, the emphasis on quality throughout the company will stand it in good stead for the future."