Enterprise Inns puts more pubs in sale and leaseback auction

By Hamish Champ

- Last updated on GMT

Related tags Pubs Renting Lease Enterprise inns

Enterprise Inns is hoping to raise more than £12m next month when it sells and leases back another eight London pubs. The latest auction is being...

Enterprise Inns is hoping to raise more than £12m next month when it sells and leases back another eight London pubs.

The latest auction is being held on March 10, hosted by Cushman & Wakefield which has already sold pubs for the pubco's sale and leaseback programme and according to its own website is "regarded as market leaders in the disposal of sale & leaseback investments".

Last week Enterprise grossed at least £10m when it sold and leased back seven pubs through auctioneers Allsop.

It has raised £35m so far by such sales. When the pubs have been auctioned they have tended to achieve prices higher than the top end of the guide range.

Enterprise has stated in the past it is selling and leasing back pubs as a means of raising cash to pay down debt.

The pubco's chief executive Ted Tuppen has said he believes the group can sell up to 200 pubs via the process and still comfortably afford the rent bill.

The latest pubs being sold are:

The Princess of Shoreditch​, near Old Street, London

Molly Moggs​, on the corner of Old Compton Street and Charing Cross Road, London

So-Bar​, Fulham Road, London

Ealing Park Tavern​, South Ealing Road, London

The Sun​, Drury Lane, London

The Hope​, Tottenham Street, London

The Three Kings​, Clerkenwell Close, London

Halfway House​, Barnes, London

The total annual rent bill for the latest pubs to be auctioned off comes to £920,000. The pubs are all being sold with Enterprise as head lessee on new 35 year leases from completion.

Related topics Property law

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