Whitbread Restaurants, which operates the Beefeater and Brewers Fayre pub restaurant chains, has revealed that it has sold 34 of the 51 Beefeater sites that it had up for sale.
The company said that it has sold the sites to three companies and four individuals, with the largest single purchase understood to a major pub group who have bought a package of 11.
Bound by confidentiality clauses, Whitbread could not reveal the names of the buyers.
The company revealed the news while showing strong year-end results for the year to March, 2003.
Sales for its pub restaurant division were up 1.2 per cent to £583m on last year while like-for-like sales were up 2.7 per cent.
Sales in its remaining 160 Beefeater sites were up 3.3 per cent while profits were up 18 per cent. Its 248-strong Brewers Fayre chain saw like-for-like sales up four per cent with a strong performance of its Brewsters sub-brand, up five per cent.
Although sales growth was held back by the disposal of 31 units and news of the 51-Beefeater sale, the company said it was confident that the sale of all the sites will hit book value.
The company, which is looking to revamp the Beefeater brand, also revealed that six pilot sites were performing well.
Whitbread which also owns the David Lloyd Leisure and Marriott Hotels chains unveiled like-for-like sales for the while group up 2.4 per cent for continuing businesses.