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Gloucestershire Business News

Rugby pub sold in £1.27 billion deal to re-open

Shock and even despair greeted news the Kingsholm Inn opposite Gloucester Rugby's stadium had closed after it was sold in a major real-estate deal.

In all 10 Gloucestershire hostelries changed hands in what was a £1.27 billion deal which saw the properties previously owned by Stonegate Pub Company become part of the Enterprise Inns stable.

The deal which was announced to the London Stock Exchange on July 18 and meant all 4,400 pubs and commercial properties under Enterprise's control were taken over by Stonegate.

In the mix was the Kingsholm Inn - for years a favourite with fans pre and post Gloucester rugby games at Kingsholm.

Those drinkers and regulars were not so much concerned with who the new owner was, more whether they were ever going to get a pint in the pub again as it closed unexpectedly as soon as the deal was revealed. But now there is good news. Albeit vague at this stage.

A spokesperson for Ei Publican Partnerships said: "We would like to reassure customers that we aim to reopen The Kingsholm Inn later this month, following the recruitment of a new publican.

"We are committed to ensuring this site remains an attractive and thriving pub at the heart of the local community, and we look forward to welcoming guests for a drink."

According to its last annual report, Enterprise Inns had 4,026 pubs run under leased and tenanted businesses or managed operations. With commercial properties taking the total to in excess of 4,400.

Its property assets were worth £3.6billion and revenue for the year came in at £695million.

The deal referenced above is subject to shareholder ratification as Enterprise Inns (EIG) is a publicly-listed company.

However, the EIG directors have unanimously recommended it be accepted.

Ian Payne, the chairman of Stonegate, said: "At Stonegate, we have an established track record of running successful pubs throughout the UK - with over £350 million having been spent on capital expenditure at Stonegate since it began trading in November 2010.

"We plan to leverage our existing managed house infrastructure, portfolio of formats and access to capital and invest in the combined estate for the benefit of all stakeholders."

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