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Enterprise announces rise in profits
The UK’s largest pub operator, Enterprise Inns, has reported strong gains in its interim results.
Profit before tax for the six-month period ending 31 March was up 16 per cent at £93.7m, while the average operating profit per pub rose by 9 per cent.
Hubert Reid, chair, said: “The strong results reflect our continuing success in developing a high quality leased and tenanted pub estate.
Performance of the group remains strong and the board anticipates being able to report another year of solid progress.”
Earlier this month, the House of Commons Trade and Industry Select Committee announced that it would carry out an inquiry into the tenanted pub industry.
Enterprise was quick to defend its position and said it was dismayed the government was looking into a matter that has been scrutinised before.
Reid said: “Enterprise will naturally give the Committee a full response to its questions, but is surprised that widely practised commercial arrangements that have been upheld in both UK and European courts and by the UK Competition Authorities should again be the subject of an inquiry.”
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