Fuller, Smith and Turner, the pubs group which lost out to Greene King last year in a bid battle for the Capital Pub Company, is beefing up its estate with the purchase of 15 freehold tenanted pubs from cash-strapped rival Enterprise Inns.
Fuller's is paying £22.9m in cash for pubs which in aggregate generated operating profits of £1.7m in the year to September 30th, 2011. The acquisition is expected to immediately enhance earnings. The pubs had a balance sheet value at the end of September of £18.4m.
The acquisition will extend the reach of Fuller's, predominantly a London-based operator, into areas of the west and south east of England where it has previously been under-represented, while building on its presence in core trading areas such as Hampshire.
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"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," claimed Simon Emeny, Fuller's Group Managing Director.
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