Admiral Taverns sold for £220m to owners of Magners cider

UK pub chain Admiral Taverns has been sold to the C&C Group, which owns Bulmers and Magners cider, in partnership with US property investment firm Proprium Capital Partners in a deal worth a reported £220m.

Admiral, which has been owned by private equity firm Cerberus since 2013, has an estate of 845 tenanted pubs, the majority wet-led. As part of the deal, C&C will take 47% of Admiral while Proprium, a US property firm, will take a slightly higher stake.

The remaining shares will be held by Admiral’s management team, led by chief executive Kevin Georgel.

The deal will give C&C, which also owns Tennents lager, a direct route to market “without taking significant financial and operational risk”, its boss Stephen Glancey said.

Commenting on the announcement, chief executive of Admiral Taverns, Kevin Georgel, said: “Recent years have seen Admiral Taverns go from strength to strength and I am delighted that with the support of our new investors we will have the platform in place to continue our development and execute our growth plans.

“Today, our nationwide estate of community pubs showcases the supported-tied model at its best. Through our distinct and award winning operational approach, our dedicated and passionate team have worked hard to build strong and enduring relationships with our licensees.

“Our strategy remains unapologetically consistent and I look forward to working with the support of our new investors to continue to build on the significant progress the business has made over the last five years and take advantage of the opportunities within our markets, as and when they arise.”

The deal follows Heineken’s purchase of Punch Taverns, alongside private equity firm Patron Capital, in December for £403 million deal.