Ann Street sells pubs, plans acquisition
18 August 2000
Jersey-based leisure group Ann Street Group (ASG) has sold ten inns to Eldridge Pope for £10.5m.
The pubs, in the South of England, generated sales of £5.4m in the year to 30 January.
Lionheart Group, ASG's managed pubs subsidiary, is selling the properties because it wants to move out of the inns-with-rooms sector. The group has experienced difficulties in finding suitably priced properties to expand its estate and gain economies of scale.
ASG deputy chief executive Paul Smith added: "We have entered into an exclusivity period which we expect will lead to an exciting UK acquisition.
"We aim to make a further announcement in the next few days."
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