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Sheps buys four pubs; raises debt facilities

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Shepherd Neame, the Kent-based brewer and pub operator, has bought four freehold pubs from Enterprise Inns and increased its debt facilities to £90m as it reports “robust” spring and summer trading.

The unnamed pubs, bought for an undisclosed sum, are located in Canterbury, Deal, and Whitstable. “All are character pubs with good outside space and three enjoy excellent coastal locations,” the company said.

Meanwhile, Shepherd Neame has extended its five-year loan arrangement with the Royal Bank of Scotland and Lloyds Banking Group from £10m to £20m. It will now expire with its £10m revolving credit facility in May 2017. The move brings Shepherd Neame’s total facilities, excluding overdraft, to £90m.

The company said trading has remained “robust” during spring and summer. For the 48 weeks to 26 May 2012, like-for-like sales in managed houses grew 7.7%, average EBITDA per tenanted pub grew 2.8% and total beer volume increased 3.8%.

The firm said it expects to announce performance in line with market expectations at its full-year results in September.

http://www.wr-bi.co.uk/mandcreport/article.aspx?articleid=67267

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Author: retailaccounting

CounterBooks is an online retail accounting management suite which is used by retailers across the world.

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