Thu, 30 May 2024 | COMMERCIAL PROPERTY
Private equity-owned community pub group Admiral Taverns has agreed to acquire a portfolio of 37 freehold pubs from Fuller, Smith & Turner’s Tenanted Inns Division. The portfolio, which generated pre-tax profits of £1.3 million in the year to March 30 2024, has been acquired for £18.3 million.
The portfolio comprises 37 community pubs across London and the Home Counties, including Sussex, Surrey and Hampshire. The deal takes Admiral’s estate across the UK to more than 1,420 pubs, while strengthening its presence in the South East, where it now has more than 300 sites.
Chris Jowsey, Chief Executive of Admiral Taverns, said: "Recent years have seen Admiral build a strong track record in delivering profitable growth across our estate, underpinned by continuous targeted investment to unlock new opportunities, supporting community pubs to thrive.”
"These 37 pubs are an excellent acquisition for our business, increasing our reach in the South East of the UK."
Jowsey continued that, in spite of the “complexities of the macro-economic environment”, the group was seeing community pubs, especially wet-led sites, “maintaining their popularity amongst locals”.
He added: "Wet-led, community pubs have demonstrated real resilience over recent times, and we remain optimistic that our nurturing ethos, entrepreneurial licensees and high-quality estate continues to position the group well to be at the forefront of opportunities in our wider market.”
The sale is expected to complete on June 25 2024 and will leave Fuller’s with 154 pubs across its Tenanted Division, as well as 179 establishments in its Managed Pubs and Hotels Division.
Fuller’s said that the sale would further strengthen its balance sheet, support future M&A opportunities and allow the company to focus on developing its “retained managed and tenanted estates”.
The UK hospitality sector is expected to see an increase in M&A activity this year
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