Master Robert Hotel Sold

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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