Pub sale at Enterprise
ENTERPRISE Inns announced it was to shed £3m of property, which it had sweetened for developers by delicensing the premises.
The portfolio of ten pubs, being handled by Sanderson Weatherall, includes The Caledonian in Darlington.
Others occupy prime development sites in Durham, Sunderland, Selby, Driffield and Church Fenton.
Adrian Mattock, director of licensed & leisure at Sanderson Weatherall’s Newcastle office said: “The availability of this portfolio comes as Enterprise Inns reassesses its wider business objectives across the north of England. The sales represent several enormous opportunities for local developers to rejuvenate some prime town centre buildings for the benefit of the local communities.”
He said it was not a sign that Enterprise had lost confidence in the market. “Enterprise are buying better businesses at the top end and getting rid of poor performers at the bottom,” he said.
Nevertheless, its half-year results recorded an 11% fall in profits in March and the share price has plummeted.
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