14th Aug 2006 07:00
Enterprise Inns PLC14 August 2006 14 August 2006 Enterprise Inns plc Disposal of Pub Portfolio for £318.1m Enterprise Inns plc is pleased to announce that it has reached agreement for thesale of a portfolio of 769 pubs to Admiral Taverns for a total consideration of£318.1m, comprising £316.6m in cash and £1.5m in preference shares. In the shortterm the proceeds will be used to repay borrowings within the Group. In the year ended 30 September 2005 the pubs generated EBITDA of £31.3m and asat 30 September 2005 had a book value of £262.6m. This disposal is in line with Enterprise Inns' continuing commitment to improvethe overall quality across the estate by removing pubs that do not meet itsportfolio objectives. The pubs sold are situated throughout the UK. Following this transaction, there will be c.7,700 pubs within the estate. Commenting on the transaction, Ted Tuppen, Chief Executive said: "This transaction, which accelerates the disposal programme outlined at the timeof our preliminary announcement in November 2005, is consistent with ourstrategy of continuously improving the overall quality of our estate andincreasing shareholder value." Enquiries: Enterprise Inns plc Emma Baines, Assistant to Chief Executive Tel: 0121 256 3050 Mob: 07990 550210Ted Tuppen, Chief Executive Tel: 0121 256 3050David George, Finance Director Tel: 0121 256 3040 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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