FDBusiness.com

UK regional brewer and pub company Fuller, Smith & Turner has agreed to acquire 15 freehold, tied, tenanted pubs from Enterprise Inns for £22.9 million. Fuller will fund the transaction from existing bank facilities. UnderEnterprise’s ownership, these pubs generated operating profits of £1.7 million in the year to 30 September and had a balance sheet value of £18.4 million as of that date.

The pubs are all freehold and will allow Fuller to bring its Fuller’s brand into areas of the west and south east of England where it has previously been under-represented.

Simon Emeny, group managing director of Fuller, Smith & Turner, comments: “The transaction demonstrates the continuation of our strategy to selectively purchase only the highest quality pubs, where the Fuller’s name and operating style can add real value. 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.”