Fuller Smith & Turner : to return 69 million sterling to investors after beer sale to Asahi
September 04, 2019 at 06:07 am EDT
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(Reuters) - Fuller, Smith & Turner Plc said it would return 69 million pounds in cash to investors after selling its British beer business to Japan's Asahi Group this year to focus on pubs and hotels.
The capital return is at the top end of the range indicated when the deal worth 250 million pounds including debt was announced, the company said.
Fuller also said on Wednesday that it had made a good start to the new financial year, with like-for-like sales in managed pubs and hotels rising 2.5%.
Fuller shares were up 4.5% to 1,115 pence at 0941 GMT.
(Reporting by Noor Zainab Hussain in Bengaluru; editing by Jason Neely)
Fuller, Smith & Turner PLC is a United Kingdom-based premium pubs and hotels business. The Company provides food and a range of drinks, bedrooms, and engaging services. It operates through two segments: Managed Pubs and Hotels, and Tenanted Inns. Its Managed Pubs and Hotels include Cotswold Inns & Hotels operates approximately seven hotels in the Cotswolds, and Bel & The Dragon operates approximately six exquisite modern English inns located in the Home Counties. Its Tenanted Inns segment comprises pubs operated by third parties under tenancy or lease agreements. The Company has approximately 183 managed businesses, 1,015 boutique bedrooms, and 193 tenanted inns. It provides a range of pub categories, including breakfast & brunch, ale, and pie pubs, licensed, pubs in Hampshire, live sports pubs, play areas, pub gardens, rugby pubs, and others. Its hotels include The Bear of Burton, Christchurch; The Blackbird, Earl's Court; The Bull Hotel, Bridport, and others.
FULLER, SMITH & TURNER P.L.C. 
