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Enterprise Inns in Unique purchase
Pub operator, Enterprise Inns, looks likely to exercise its option to acquire the balance of the Unique Pub Company which it does not already own.
Enterprise currently holds 16.8 per cent of the company and the option, to be exercised at any time between January and November next year, is fixed at £608m up until 31 March 2004. After that it increases slightly over time.
The company said that, having discussed the situation with its banks and providing that market conditions remain favourable, it should be able to fund the purchase through debt rather than having to approach the stock market.
If the deal does go ahead, the Enterprise estate will almost double to about 9,300 pubs, overtaking Punch Taverns – which recently bought Pubmaster – as Britain’s largest pub operator.
Results for the company for the year to 30 September show – on turnover up 30 per cent to £480.6m – operating profit before exceptionals up 44 per cent to £293.2m and profit before tax and exceptionals up 51 per cent to £173.2m. Average operating profit per pub in the core estate – which excludes the Laurel pubs – was up 8 per cent.
The year has seen the purchase of 34 pubs, the disposal of 213 and £22m of capital expenditure. As at 30 September, the company’s estate consisted of 5,087 leased and tenanted pubs with a value of £2.5bn. Details: www.enterpriseinns.com