Enterprise Inns reports like-for-like net income growth: Enterprise Inns has reported trading for the 44 weeks to 2 August in line with expectations with total estate like-for-like net income growing by 1.3%. The company stated: “Growth in our third quarter was particularly encouraging with like-for-like net income up 2.1%, assisted by our on-going operational initiatives and the FIFA World Cup in June. The first five weeks of our fourth quarter have produced trading in line with last year, which is as expected given the more challenging comparative period, resulting in like-for-like net income growth of 1.5% for the first 18 weeks of the second half. We remain focused on the delivery of our operational initiatives, which we are implementing to continue to improve our trading performance. The rate of business failure continues to fall and we are making further progress with the provision of additional services to our publicans, which are aimed at supporting publican profitability. Our cash flow and balance sheet metrics are in line with expectations. We expect to meet our full year guidance of net proceeds from asset disposals of £70 million, which will be used to fund our capital investment programme. Strong cash generation from operating activities will continue to be used to reduce debts and we anticipate total net debt will be reduced to £2.4 billion by the year-end. Chief executive Simon Townsend said: “We are pleased to report continued progress for the business with the delivery of our fourth consecutive quarter of like-for-like net income growth. The final quarter of the year will be measured against tougher comparatives but we are encouraged by the start we have made and remain comfortable with our full year expectations. We are focused on constantly improving the quality of our pubs, continuing to direct an increased proportion of capital investment toward initiatives which will grow income, while reducing the level of business failures and supporting our publicans to grow their businesses. Through these initiatives we believe that our progress will be maintained.” 

British Land – leisure makes up 21% of Old Market Shopping Centre in Hereford: British Land has reported leisure operators make up 21% of its £90m Old Market shopping centre in Hereford. The developer stated: “Leisure accounts for 21% of the scheme (by area), creating an evening economy and extending the centre’s trading hours. The line-up includes a six-screen Odeon cinema, the city’s first multi-screen cinema, as well as Chimichanga, Costa, Frankie & Benny’s, Miller & Carter and My Coffee. The 310,000 sq ft Old Market shopping centre opened on 1 May 2014 and has welcomed more than 1.6 million visitors to date. With the last three remaining units at the scheme now under offer, the scheme is now fully let and under offer. Wagamama (3,000 sq ft, 20 years), Paperchase (1,800 sq ft, ten years), Vodafone (1,500 sq ft, ten years) and local independent My Coffee Corner (450 sq ft, 5 years) have also recently opened new stores.” Claire Barber, head of shopping centre asset management for British Land, said: “Old Market is a fantastic scheme delivering an impressive line-up of some of the best brands in the UK and we are delighted to further strengthen this with the addition of River Island and Joules. It is testament to the design, quality and location of the scheme that so many brands have chosen Old Market for their first stores in Hereford.”