Closures slow at Enterprise Inns
ENTERPRISE Inns has seen a slowing in the rate of closures and fewer tenants needing financial support. The 7,500-strong group said falling beer sales had stabilised and food sales were improving. It had benefited from selling some of its pubs. Shares dipped 1¼p to 133½p. Chief executive Ted Tuppen said the closure rate was “continuing to reduce”.
Enterprise is selling pubs to reduce its £3.8billion debt. A £1billion facility is due for renewal in May 2011 but the firm expects this to be refinanced before September next year.