http://www.paramountinvestments.co.uk/Pubcos Struggle
Britain's biggest pubs group, said it would not pay a dividend in the current year and expected trading conditions to remain challenging, sending its shares down 11 percent on Tuesday.The company stopped paying dividends in May 2009 to help reduce crippling debt of nearly £4 billion . Enterprise Inns disposed of 579 pubs during its fiscal year, raising 166 million pounds and generated proceeds of £114 million through a sale and leaseback programme. This helped it reduce net debt by £374 million to £3.3 billion.
Its estate now stands at 6,820 pubs valued at £5bn. Punch sold off 43 pubs during its year and has an estate of around 6,500. Both said that they intend to continue disposing of non-core pubs in the near-term.
Another rival, Mitchells & Butlers, announced yesterday that it has completed the sale of 330 "drinks-led" pubs to Stonegate Pub Co.
17 Nov 2010
Licensed Property: UK Pubs For Sale: Pubcos Struggle
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment