Enterprise Inns has announced that it has completed the sale of a portfolio of 769 pubs to Admiral Taverns for £318.1m. Enterprise has said it will use the proceeds of the deal - which comprised £316.6m in cash and £1.5m in preference shares - to repay debt In the year ended 30 September 2005 the pubs generated Ebitda of £31.3m and as at 30 September 2005 had a book value of £262.6m. Ted Tuppen, chief executive said: “This transaction, which accelerates the disposal programme outlined at the time of our preliminary announcement in November 2005, is consistent with our strategy of continuously improving the overall quality of our estate and increasing shareholder value.” Following the deal, Enterprise's estate will comprise around 7,700 pubs. Enterprise yesterday continued its share buyback programme, purchasing £2.561m of shares. The tenanted and leased group bought 250,000 shares at an average price of 1024.47p.