Enterprise Inns is continuing to investigate whether it can convert to real estate investment trust status in spite of having its initial proposals rejected by Revenue & Customs. Financial Times, The Times

The pub company said the Revenue had informed it that its structure did not meet the qualifying criteria but it said it was still considering a restructuring of its activities.

The announcement came as the smoking ban and poor weather during the summer triggered a slump in annual profits and turnover at Enterprise Inns.

Pre-tax profit for the year dipped 19% to £337m, on revenues that shrank 5% to £921m. However, it increased its dividend from 13.5p to 15.6p and earnings a share rose from 50.5p to 53.4p in spite of the profits fall as a result of share buy-backs.