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No cheers as pub company plans to off load locals

A SOLIHULL company is selling off around 200 pubs in the face of the credit crunch and declining sales as drinkers stay at home.

A SOLIHULL company is selling off around 200 pubs in the face of the credit crunch and declining sales as drinkers stay at home.

Shirley based Enterprise Inns - one of the biggest pub landlords in the country runs around 7,700 public houses and hopes to realise £100 million from the sale.

It revealed profits had fallen by 38 per cent to £209 million for the year ending in September and blamed the smoking ban and a drop in drinkers spending for the decline.

Also in the firing line were the poor summer weather and aggressive discounting by the supermarket chains.

"The trading environment is tough and is likely to remain so during the coming year," said Chief executive Ted Tuppen.

However he added that the company was well placed to survive the current credit crunch and well placed to take advantage when the good times returned.

He also revealed that Enterprise is currently spending £1.3 million a month on aid to embattled publicans.

However he added that most of the firm's pubs continued to trade successfully thanks to their flexible and innovative landlords.

 

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