Pub groups call time on 500 properties

  Pub groups Enterprise Inns, Punch Taverns and Admiral Taverns are preparing to sell around 500 freehold pubs.   Enterprise and Punch are planning to sell up to 200 pubs each from their tenanted estates, while Admiral will sell up to 100 sites. They include both freeholds and long leaseholds.   Collectively, the properties are worth around £150m.   The pubs are expected to be brought to market over the next month on an individual basis or in small packages.   An agent close to the parties said: “Eighteen months ago, there would have been a group purchaser for these pubs, but there simply isn’t one in this market. Pub values have fallen by up to 25% in the past 12 months.”   Enterprise and Punch own 7,700 and 8,000 tenanted pubs, respectively; Admiral has a portfolio of 2,300 pubs.   The proposed sales follow the collapse of Enterprise’s and Punch’s REIT plans. Enterprise shelved its plans because of turbulence in the financial markets, while Punch delayed its conversion to retain cash and strengthen its balance sheet.   No party would comment.   annabel.dixon@rbi.co.uk