Fuller,Smith&Turner PLC
22 May 2000
FULLER'S SELLS MASTER ROBERT HOTEL
Fuller Smith & Turner P.L.C. ('Fuller's') the London
based brewers and retailers, exchanged a contract on
Friday evening to sell its 94 bedroom Master Robert
Hotel, situated on the A4 in Hounslow, to Hillport
Limited, a private company.
The sale is expected to complete in July 2000 at a total
consideration of £6.7m, payable in cash. The book value
of the hotel as at March 2000 was £4.7m and the business
generated £0.5m profit in the financial year ended 25
March 2000. The effect of this disposal on the earnings
per share of Fuller Smith & Turner P.L.C. is expected to
be neutral in the current financial year.
Simon Emeny, retail director of Fuller's Inns comments:
'We have recently conducted a thorough strategic review
of our hotels portfolio, identifying existing and future
opportunities within our current retail estate. As a
result of this review, Fuller's is selling the Master
Robert as a going concern and all the hotel's contracted
staff will transfer to Hillport Limited.'
Fuller's has recently announced plans to develop a
substantial hotel in Bristol. The proceeds of this sale
will be reinvested into this significant project.
The Company will be announcing its preliminary results
for the year ended 25 March 2000 on Friday 26 May 2000.
Further information:
Press enquiries: Gill Shaffer, Public Relations Manager
020 8996 2198 or 020 8996 2175
Analysts/Brokers: Simon Emeny; Retail Director 020 8996 2015
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