Japanase bank, Nomura, has exited the UK pub business by selling 4,189 pubs to a consortium led by Cinven and Enterprise Inns for £2.01 billion. Nomura will end up booking a £300 million profit on the deal.

The two pub estates, Unique and Voyager, principally comprise neighbourhood-style pubs. Enterprise's investment in the deal is £75m for a 16.8% stake, with Cinven taking a majority share, followed by Legal & General Ventures.

However, Enterprise intends to exercise a call option to take full control of the pubs in two years' time for the initial bid price plus a £320 million premium. It was unable to buy the pubs outright because a tight timetable on the auction did not give it time to obtain shareholder approval. The deal makes Enterprise the most powerful pub company in the country, only 11 years after its formation.