Fuller's completes Enterprise pub purchase

13-Mar-2012 - Last updated on 12-Mar-2017 at 01:39 GMT

Fuller’s, the London-based brewer and pub operator, has added an extra site to the package of pubs acquired from Enterprise Inns, bring the total to 16 pubs for £25.4m.

Fuller’s has today announced that it has have completed on the purchase. The company said it intended to buy the pubs, all in southern England, earlier this year.

The net book value of the 16 pubs at 30 September 2011 was £20.5m, and the net income of the pubs in the 12 months to that date was £1.9m.

The name of the pubs has also been identified, and the number includes sites located some distance from Fuller’s London and south east heartland.

Among the package is the Boater in Bath, the Old Thatch Tavern in Stratford Upon Avon and the Ox Row Inn, Salisbury, Wiltshire.

Seven of the sites are in Hampshire: the Bear & Ragged Staff, Romsey; the Fox & Hounds, Lyndhurst; the Frog & Wicket, Hook; the Horse & Groom, Alresfor; the Mayfly, Stockbridge; the Sir John Barleycorn, Southampton; and the William Walker, Winchester.

Two sites are in Surrey - the Old Plough, Stoke d’Abernon, and the Kingswood Arms, Kingswood - and another two in Kent: the Duke of York, Tunbridge Wells, and the George & Dragon, Westerham. The final site is the Forester in Ealing, London.

Enterprise said today: “This sale is in line with Enterprise Inns’ objective to use disposal proceeds and other surplus cash to reduce debts through repayment of bank debt or to purchase notes or corporate bonds.