Sale of Admiral Taverns to C&C Group completed

07/12/2017 - 10:22
The sale of 845-strong pub company, Admiral Taverns, to private equity firm, Proprium Capital Partners and Irish cider maker, C&C Group plc, has been completed.

The completion was announced today (7 December) by Admiral chief executive, Kevin Georgel, who also revealed that he would continue to lead the community-led pub business following the sale.

He said: “I am delighted to welcome onboard our new investors. This transaction positions our business for long term growth, ensuring we have the right platform in place to continue the significant progress we have made over the last five years and take advantage of the opportunities within our markets.

“On the 1 November we announced the acquisition of 17 pubs from Heineken, in partnership with G1 Group. This acquisition is early testament to our commitment to our growth strategy and with the sale of our own business now complete, we look forward to reviewing further appropriate opportunities as and when they arise.”

The £37m part purchase from C&C, owner of the Magners and Bulmers cider brands, was first announced in September.

The Dublin-based manufacturer has purchased a 47% stake in the company with the remainder being bought by Proprium Capital Partners.

Commenting on the investment in September, Stephen Glancey, C&C chief executive, said: “The local pub remains at the heart of many suburban and city communities often the hub of local activity and their economic and social contribution is immeasurable.

"C&C has a long and successful track record of supplying and providing financial support to local pubs within the independent free trade in Scotland and Ireland.

"Admiral management has a proven track record in balancing these returns with the needs of their tenants and consumers. Today’s new arrangements will enhance choice for both tenants and consumers and provide a platform for further growth at Admiral."

Admiral Taverns' pubs are 95% freehold or long leasehold, in predominantly suburban or city locations and are operated as a tenanted estate.

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