logo-loader
viewEi Group PLC

Ei Group expects completion of takeover early in 2020

The competition and markets authority is still mulling whether to approve the £1.3bn deal

Ei Group PLC -
Net debt dropped to £1.7bn or 52% of the estate value.

Britain’s biggest pub group Ei Group PLC (LON:EIG) took a slew of write-downs ahead of its takeover by rival publican Stonegate.

The competition and markets authority is still mulling whether to approve the £1.3bn deal but subject to that Ei expects it go through in the first quarter of next year.

Ei posted a loss of £199mln in the year to September, in spite of sales rising in both the managed and tenanted arms.

Impairment charges of £232mln and a further £62mln in one-offs, dragged down the bottom line numbers.

Net debt dropped to £1.7bn or 52% of the estate value.

Simon Townsend, chief executive, said it was a strong trading performance for the year, particularly given the challenging trading comparatives.

"We continue to deliver sustained like-for-like net income growth within our core Publican Partnerships business and are generating strong returns as we expand our Managed Operations and Managed Investments businesses."

The disposal of 354 properties enabled Ei to accelerate our debt reduction plans as well as returning capital to shareholders, he added.

Shares were unchanged at 282p, just below Stonegate’s offer of 285p each in cash.

Quick facts: Ei Group PLC

Price: 283.2 GBX

LSE:EIG
Market: LSE
Market Cap: £1.24 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Belvoir Group's Dorian Gonsalves discusses acquisition of Lovelles

Belvoir Group PLC's (LON:BLV) Dorian Gonsalves speaks to Proactive London's Andrew Scott following the news they're to acquire Lovelles, a privately-owned franchised estate agency network with 19 branches in the Lincolnshire and Humber region. Separately he says trading in the second half of...

34 minutes ago

RNS

Form 8.3 - Ei Group plc

1 hour, 13 minutes ago

Form 8.3 - Ei Group plc

1 hour, 18 minutes ago

Form 8.3 - Ei Group plc

1 hour, 56 minutes ago

Form 8.3 - EI Group Plc

2 hours, 25 minutes ago

Form 8.3 - Ei Group plc

2 hours, 38 minutes ago

Form 8.3 - EI GROUP PLC

4 hours, 43 minutes ago

Form 8.3 - Ei Group plc - Replacement

5 hours, 3 minutes ago

2 min read