Enterprise Inns, which now has an estate of 3,499 pubs after two acquisitions this summer, has lifted annual profits before exceptionals by some 25 per cent. However, after converting the 870 pubs bought from Morgan Grenfell Private Equity and Scottish & Newcastle from managed houses to tenancies, the pre-tax profits were announced as £40.7m for the year to September 30 (£44.1m in 2000). Commenting on the results, Hubert Reid, chair, said: The opportunity to make two substantial acquisitions, adding a further 870 pubs to our estate, provides both a strong platform and many opportunities for continued profitable growth. The Enterprise Inns' estate is valued at £1.3bn.
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