E-Malt.com News article: UK: Enterprise Inns sold 137 Scottish pubs for £115 million

Enterprise Inns has sold its entire Scottish estate of 137 pubs to a new tenanted company set up by Iranian property tycoon Robert Tchenguiz’s R20 investment vehicle, Retail and Licensed Properties Limited for £115 million, The Morning Advertiser posted November 21.

The new company has also bought 46 pubs from Scottish & Newcastle and a subsidiary of Tchenguiz’s other tenanted pub company, Globe.

The acquisition expands R20’s leased and tenanted pubs estate to over 550 pubs, including the Globe estate.

The new pubs will be managed by Scottish & Newcastle Pub Enterprises (S&NPE), which now has an estate of around 1900 pubs.

Robert Tchenguiz said: “The acquisition expands over investment in the leased and tenanted pub sector and strengthens our successful partnership between S&N and R20.” Of the sale, Enterprise stated: “Whilst many of the pubs matched our normal retention criteria, this was a strategic sale reflecting our lack of critical mass in Scotland.”

Retail and Licensed Properties was advised by PC Hansen and Co and Kirkland & Ellis.


22 November, 2006