Fuller, Smith & Turner has bought a £22.9m pub portfolio from Enterprise Inns.
Fuller’s bought the freehold tenanted pubs using existing bank facilities. The acquisition will bolster its presence in the West and South East, where it has previously been under-represented.
Under Enterprise’s ownership, the portfolio generated operating profits of £1.7m in the year to 30 September 2011, and had a balance sheet value of £18.4m as of that date.
Simon Emeny, Fuller’s managing director, said: “This deal will take the total number of pubs acquired by Fuller’s in the last 12 months to 29, giving the business tremendous momentum as we head towards the summer of 2012.”
The deal is expected to complete by 31 March.
joanna.bourke@estatesgazette.com
