UK: Fuller, Smith & Turner to buy Enterprise pubs
Fuller, Smith & Turner buys more pubs
Fuller, Smith & Turner is set to expand distribution of its beers in the UK by acquiring 15 pubs from Enterprise Inns.
The brewer and pub owner said late last week that it has agreed to buy the pubs for GBP22.9m (US$36.2m). Enterprise has been cutting its pub estate amid a tough on-trade market in general in the UK.
But, Fuller's is confident that the 15 pubs will enhance its earnings immediately following completion of the deal. The pubs generated collective operating profits of GBP1.7m in the year to 30 September.
"The pubs are all freehold and they will allow us to bring the Fuller's brand into areas of the west and south-east of England where we have previously been under-represented," said the London Pride brewer. The deal is expected to close by the end of March.
Fuller's MD Simon Emeny added: "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."
In the first half of its current fiscal year, Fuller's reported net profits down by 2% to GBP13m. However, the group saw net sales rise by 6% over the same period of the previous year and it highlighted the firm's strong balance sheet.
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