Enterprise to sell Michelin pub — plus 10 more
Enterprise Inns (ETI) is hoping to raise around £11m by undertaking a sale and leaseback on another 11 pubs, including one with a Michelin star, at an Allsops commercial auction on 7 December.
The auction will include the freehold of the Michelin-starred Harwood Arms in Fulham.
The company also plans to sell and leaseback a pub in Worcestershire, the Hare & Hounds in Broadway — the furthest pub outside of London so far placed in an auction. The 11 pubs have a total rent roll of £785,000.
At its interim results in July, the group, led by chief executive Ted Tuppen, said it had sold 69 pubs for around £110m via its sale and leaseback programme, achieving a substantial profit over book value and an average yield of 6.4%.
The latest batch of pubs to be placed in an auction on a 35-year leaseback are:
• The White Fery House, Pimlico (with a rent of £70,000 per annum)
• The Fat Badger, Notting Hill (£75,000)
• Ruby Lounge, Kings Cross (£65,000)
• The Rocket, Acton (£80,000)
• Harwood Arms, Fulham (£70,000)
• The White Swan, Richmond (£70,000)
• Horse & Hound, Broadway, Worcestershire (£75,000)
• Island, Kensal Rise (£75,000)
• Yorkshire Grey, Bloomsbury (£90,000)
• Old King's Head, Bishopsgate (£60,000)
• The Londesborough, Stoke Newington (£55,000)
Enterprise Inns has also employed CB Richard Ellis to examine the possibility of selling groups of units to institutional investors.
In July, a spokesman for the group said: "The company has received a number of approaches from companies and institutions interested in acquiring small batches of pubs under the sale and leaseback programme and these are being evaluated."
