RNS Number:3835Q
Eldridge Pope & Co PLC
1 October 2003

                          Eldridge Pope & Co., p.l.c.
                       ("Eldridge Pope" or "the Company")


        Disposal of 23 Pubs for aggregate consideration of #5.4 million



Eldridge Pope is pleased to announce today that it has exchanged contracts for
the sale of 18 pubs to Inntown Pub and Property Company ("the Inntown Pubs") for
a cash consideration of #3.9 million and the additional recent disposals of a
further five pubs to different purchasers for a cash consideration of #1.5
million. These disposals are consistent with the Group's strategy of selected
disposals of subscale and leasehold pubs set out at the time of its interim
results announcement in June.



The units being sold to Inntown Pubs comprise eight leasehold and 10 freehold
properties.  Completion is subject to landlord consent on the leasehold
properties and is expected by 1 December 2003. The aggregate net book value as
at 5 April 2003 of the Inntown Pubs is #5.5 million and they generated operating
profits (pre overheads) of #0.2 million in the year ended 30 September 2002 and
were break-even in the six month period ended 5 April 2003.



In addition, Eldridge Pope has entered into unrelated agreements for the
disposal of the Toad-branded pubs at Milton Keynes and Rugby, and for the
disposal of the Portsmouth Hoy, the Crown and the Rising Sun.  The aggregate
cash consideration for these properties is #1.5 million, with completion of the
Crown, Portsmouth Hoy and Rising Sun expected by 3 October 2003.  The disposal
of the two Toad pubs are subject to landlord consent and completion is expected
by the end of October. The aggregate net book value as at 5 April 2003 of the
five pubs is #3.1 million and they generated operating losses (pre overheads) of
#0.2 million and #0.3 million for the year ended 30 September 2002 and the six
month period ended 5 April 2003, respectively.



All the disposals announced today are in line with management's expectations of
achievable value.  Losses on disposal of #3.2 million will be offset against the
provision of #9.5 million recognised in the Company's interim results for the
period ended 5 April 2003.



Prior to the anticipated receipt of #5.4 million from the disposals announced
today, the Company's estimated net debt position as at 4 October 2003 is
expected to be #44.5 million.  The proceeds of these disposals will be used to
reduce bank debt.



Susan Barratt, Chief Executive, said:



"The disposal of these pubs is a further step in our "back to basics" strategy
which has already seen improved trading performance across the Group's Inns and
Pubs divisions.  The management looks forward to reporting further progress to
shareholders at the time of the Company's preliminary results for the year to 4
October 2003 in early December.

                                                                  1 October 2003



Enquiries:
Eldridge, Pope & Co., p.l.c.                           Tel:  01305 251 251
Susan Barratt, Chief Executive

College Hill                                           Tel:  020 7457 2020
Justine Warren / Matthew Smallwood




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