Fuller, Smith & Turner said the deal would take the Fuller’s brand to areas of the country that had geographically been previously under-represented with some of the sites located in the South East of England and the West.
The deal also allows the Chiswick-based company to increase their presence in Hampshire, a county Fuller’s considers one of it’s core trading areas.
According to a statement from the company, the pubs had generated profits of £1.7m in the year till 30 September and would translate into earnings for Fuller’s as soon as the deal is completed for March.
2012 momentum
Simon Emeny, Fuller’s Group managing director, said the deal was the latest in a series of acquisitions as the brewer prepares for a busy 2012.
“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,” he said.
The announcement of the deal, which will see Fuller’s pay the entire cost to Enterprise Inns in cash, comes just one day after the pub operator announced they had acquired the historic The Market Hotel pub in Reigate, the first site for the company in the Surrey town.
In October it was also announced Marston’s were to sell five pubs to Fuller’s in a £16m deal.
Enterprise Inns
Fuller’s said the Enterprise Inns freehold pubs were all of a trading style complementary to their own and would have the Fuller’s brand and range of drinks attached to them.
In August 2011 Enterprise Inns reported that trade had stabilised for the operator as the company worked to bring down their borrowing levels.
Enterprise Inns has continued to sell off ‘non-core’ pubs with the pubco expecting to sell off 500 by the end of last year.