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Enterprise set to focus on disposals
Enterprise Inns has announced that it will be looking to dispose of under-performing outlets after results for year ending 30 September revealed its pre-tax profits were down by more than 12 per cent.
The pub operator, which currently has an estate of 7,763 pubs, hopes that the disposal programme will provide a "significant" level of revenue despite the current state of the property market. Rising costs and taxes, the smoking ban, and a decline in consumer spending have been blamed for the results, which also saw Enterprise's EBITDA decrease by 3 per cent to £512m.
Chief executive, Ted Tuppen, said: "In a very difficult year for the pub industry, these are solid results, reflecting the quality of our estate, the determination and flair of our licensees and the resilience of the leased and tenanted operating model. "The trading environment is tough, and is likely to remain so in the coming year. We remain confident that we will weather the current economic storm."
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