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03-Feb-2012: Acquisition(s)

Fuller, Smith & Turner P.L.C. (‘Fuller’s’ or ‘The Company’) has agreed to acquire 15 freehold, tied, tenanted pubs from Enterprise Inns P.L.C. (‘Enterprise’). Total consideration, payable in cash on completion, is £22.9 million and Fuller’s will fund the transaction from existing bank facilities.

Under Enterprise’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 transaction will be earnings enhancing for Fuller’s immediately upon completion, which is expected to take place by the end of March.

The pubs are all freehold and they will allow us to bring the Fuller’s brand into areas of the west and south east of England where we have previously been under-represented, while amplifying our presence in core trading areas such as Hampshire.

The trading style of these pubs is complementary to our own, and they will benefit from our brand, the introduction of our excellent range of cask ales and wines and the experience of our Tenanted business development team.

Simon Emeny, Fuller’s Group Managing Director commented:
“We are delighted to have added 15 more excellent pubs to the Fuller’s estate. 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.”

Fuller’s Chairman Michael Turner commented:
“These pubs are carefully selected, quality assets and their acquisition is wholly consistent with our long term strategy. We look forward to welcoming these pubs, their licensees and staff to the Fuller’s estate.”

ENDS

For further information, please contact:
Fuller, Smith & Turner P.L.C.
Press Office 020 8996 2198
Mobile: 07789 396 197
pr@fullers.co.uk

Simon Emeny: Press 020 8996 2198
James Douglas: Analysts 020 8996 2198

Merlin 020 7653 6620
Paul Downes 07900 244 888 (mobile)
Toby Bates 07876 161 314 (mobile)

Enquiries:
Category: Acquisition(s)

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