Sales improve at Enterprise; Olympics ‘no impact’
13 August, 2012
Enterprise Inns, the leased and tenanted pub owner, has reported a continuing upward trend in its latest trading statement for the 44 weeks to 4 August—but added that the Olympics had not yet made much of a difference to its sales.
The statement revealed that like for like income per pub was up by 1.6% in Enterprise’s substantive estate, though down by 1.2% across its total estate including pubs it is seeking to dispose of. Disposals over the 44-week period brought in £148m, and would hit £200m by the year-end. Enterprise had paid down its bank borrowings to £364m by 4 August, from £446m at the end of its 2011 financial year.
Enterprise described the last 18 weeks of trading as “interesting and challenging”, with benefits from the Jubilee celebrations and Euro 2012 football tournament outweighed by poor weather. “It is encouraging that despite such bad weather, the 18 weeks like for like income performance for the total estate has improved upon the first half.”
Enterprise’s comments on Olympic trading make interesting reading as the pub sector tries to measure the impact of the Games in London. It said: “The Olympics is not materially impacting trading performance, although the positive sentiment from continued British success should encourage customers to celebrate in their local community pubs.”