9th Feb 2017 07:41
LONDON (Alliance News) - Pub operator Enterprise Inns PLC on Thursday said it has made a good start to its financial year and said it is changing its name to Ei Group PLC.
Trading in the 18 weeks to February 4 has been robust, Enterprise said, with like-for-like net income in its Publican & Partnerships arm, its leased and tenanted pub estate, rising 1.6% year-on-year.
The improvement in performance has been driven by a stabilisation of rental income for the group and growing income from beer sales.
Trading in its managed house business has been in line with expectations, the company said.
Enterprise Inns said it will change its name to Ei Group, saying the move reflects the "transformation of the company's business from a single, predominantly leased and tenanted operation, to a portfolio of businesses comprising a variety of operating models and trading styles designed to optimise the value derived from the asset base".
The name change is expected to become effective on Friday, subject to approval by Enterprise Inns shareholders at its annual general meeting on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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