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
§§ £74m Amortizing in 2016, £76m in 2017 and continuing to 2032
†† Source: London Stock Exchange, as at 31/07/16
‡‡ Company reports that the value of Property is £3.7bn. The current share price of 101p as at 10/04/2016 trades at a discount to the Net Asset Value per Share based on independent and external valuations of the property is equivalent to £2.70 per share. Source: 2015 Annual Report and LSE.


Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.

* This is the estimated return an investor can expect to receive over the next 12 months expressed in percentage terms. It is the sum of the expected interest payments over the year and where the coupon is partly dependent on Libor uses market based Libor forecasts at each coupon date and also takes into account the Note's current price. It is gross of taxation and our Service Fee. The current yield is therefore an estimated return only and is not guaranteed and may be revised in the future.
** This is an estimated annualised return gross of taxation and our Service Fee assuming the investment is held to maturity. It equates the present value of expected future interest payments of a Note into an annual yield across its life relative to the Note's current price. Where the interest coupon is partly dependent on Libor it uses market based forecasts of Libor and assumes that all interest is re-invested at a rate equal to the Yield to Maturity. For floating rate coupons because current market based forecasts are for Libor to increase in future years the calculation of Yield to Maturity assumes the interest paid to investors will be higher in future years. However, there is no guarantee that the Bank of England will raise interest rates or that Libor will increase as a result. In addition, any changes to the financial circumstances of the company or changes in the economic terms of the underlying loan could also impact future interest payments. The Yield to Maturity is therefore an estimated return only and is not guaranteed.

Status: Performing


Notes:

The company currently has no outstanding notes.

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

 

Please note as a WiseAlpha member you are not lending directly to the corporate borrower. Instead, you are investing in a Participation Note, or “Note”, which corresponds and is backed by a specific loan or bond investment made through the WiseAlpha platform reflecting the key economic terms of the investment.

WiseAlpha Technologies Limited (FRN: 751087) is authorised and regulated by the Financial Conduct Authority in the UK.
WiseAlpha Technologies Limited is a company registered in England, with its registered office at Level 39, One Canada Square, Canary Wharf, London E14 5AB (Company No. 08967521).
© wisealpha.com. All rights reserved