Whitbread confirms Dragon Inns sale

Whitbread has confirmed the sale of 44 pub-restaurants, including the eight-strong Dragon Inns chain, to Noble House for £31m.

The 36 pubs were the final group of 140 sites that Whitbread earmarked for sale in October 2000.

The sites are spread around the UK and comprise 35 freehold and nine leasehold properties, 34 of which were trading as Brewers Fayre or Beefeater outlets.

Robert Breare, chief executive of Noble House, said the pubs were in good locations and, with the necessary investment, would "flourish in their own right".

He added: "We are also delighted to acquire Dragon Inns, which fits perfectly with our emerging Jim Thompson's oriental bar and restaurant brand."

Bill Shannon, managing director of Whitbread Restaurants, said the pub-restaurants had fetched a "fair price", especially given the current uncertainty in the market.

"Disposing of these sites means we have practically completed the site disposal element of our restaurant brands strategy as we announced last October."

The acquistion brings to 258 the number of pub sites owned by Noble House. It builds on the 214 pubs bought from Scottish & Newcastle in July for about £100m.