World Cup ‘stablises' Enterprise Inns
A run of decent summer weather and the World Cup have helped Enterprise Inns to "stabilise" its estate.
The company, which published an interim management statement for the 42 weeks to 16 July 2010, said that trading in the third quarter of the year was "in line" with what it achieved in the same period last year.
Meanwhile, on a year-to-date basis, average income per pub for the entire estate was down 2% on last year.
Enterprise has completed the sale of 402 pubs in the year so far, generating proceeds of £124m. And it added that a further 102 pubs had exchanged contracts or were in the hands of solicitors for completion this year.
The pub firm's sale-and-leaseback programme in London has seen the sale of 69 pubs, generating proceeds of £110m.
The company said that it had also made several changes to its code of practice, which has now received full accreditation from the British Institute of Inkeeping Benchmarking Accreditation Service. And it said that it was in the process of offering licensees more flexibility in the terms of their lease agreements, which includes: increased levels of discounts on beer; and the option to be free of tie on wines, spirits, minerals, bottled beers and ciders, locally-produced cask ales and gaming machines.
The options will be reflected in the level of fixed rental charges levied by Enterprise.
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By Neil Gerrard
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