25 May 2012

Enterprise sells pubs for £22.9m

03/02/2012 Ben Jaglom

FTSE Small Cap constituent and pub group Enterprise Inns (ETI) has sold 15 pubs to its competitors Fuller's in a deal worth £22.9 million.

The sale stands at a premium to their net book value of £18.4 million with Enterprise enthusing it represents a 'good multiple' on the net income of £1.7 million the pubs generated for the year to September 2011. The group adds it is 'in line' with their objective of using the proceeds from disposals to reduce their debts. The pubs are said to be located in the West and South East of England.

Analysts at Panmure Gordon are forecasting pre-tax profits of £145 million (EPS: 21.5p) for the year to September 2012. In 2013 profits of £148 million (EPS: 22.2p) are pencilled in.

Last rated by Growth Company Investor in 2009 when we suggested selling the shares at 121.5p they have since sunk by 66 per cent to 40.5p. A London-focused business that has previously emphasised its focus on plans for the Olympics, the proceeds will help to pay down its mountainous debt pile. Hold.

Tags: FTSE Small Cap, Pub business, Sale of assets

Sector: Travel & Leisure

Companies: Enterprise Inns

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