Enterprise Inns (UK)

1991

Public

Status: Performing

All payments are on time

All covenants met

BACK TO MARKET


Amount

£275,000,000

Current Yield

5.7%

*
Estimated Yield to Maturity

5.1%

**
Maturity Date

26 Sep 2031

Interest Payment Frequency

6m

Next interest payment

26 Mar 2018

Asset Security

First ranking charge over company assets

Industry Type

Pubs

Next Call

Not applicable

ISIN

XS0143315140


Business Description

Enterprise Inns is the largest pub company in the UK, and owns around 5,000 properties that are predominantly run as leased and tenanted pubs. The company aims to partner with entrepreneurs passionate about pubs, by granting leases and tenancies to the best publicans. The company recruit high quality, commercially minded managers for their managed pubs, as well as collaborating with experienced experts in the pub industry. The company has a team of over 500 people dedicated to supporting and empowering their publicans to run great pub businesses. The business has historically focused on leased and tenanted pubs. They have an extensive range of tied agreements available allowing more choice for publicans. The company believes their leased and tenanted model makes running pub businesses more accessible than the purchase of a freehold, whilst providing the same feelings of ownership, autonomy and pride for their publicans that come from them building their own successful businesses. Together with providing the pub, the company offers a range of Special Commercial or Financial Advantage (SCORFA) benefits to their publicans, including investment, training, business support and other business building and cost saving opportunities, and they will continue to develop these benefits for their tied tenants.


Capital Structure

Source: Company Reports
* An asterisk next to an item indicates there is additional information available if you hover over it. You can also find a definition of the terms used on this page in our Glossary here
Asset Cover covenant of 1.67x
Asset Cover covenant of 1.50x
§ Asset Cover covenant of 1.67x
Asset Cover covenant of 1.50x
‡‡ Asset Cover covenant of 1.67x
§§ Amortizing annually to 2032
†† Source: London Stock Exchange, as at 19/01/18
‡‡ Company reports that the value of Property is £3.5bn. The current share price of 140p as at 19/01/2018 trades at a discount to the Net Asset Value per Share based on independent and external valuations of the property is equivalent to £3.13 per share. Source: 2017 Annual Report and LSE.


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* The coupon divided by the price. Where the coupon is partly dependent on Libor it uses market based Libor forecasts at each coupon date over the next 12 months.
** The estimated yield from holding a bond to maturity including interest and capital repayment and assuming interest is re-invested at the same yield. Please note this calculation may be adversely affected by features in bond such as calls or prepayments. Where the coupon is partly dependent on Libor it uses market based forecasts of Libor until the maturity date.
Please note that the current yield and yield to maturity are an estimated return calculation and not guaranteed. All yields shown are gross of taxation and our Service Fee.

Status: Performing


Notes:

The company currently has no outstanding notes.

Capital at risk. No FSCS cover. See Risk Statement.

 

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