Admiral Taverns is to sell 150 freehold pubs, it has been confirmed.
Property agent Christie + Co told The Publican that the pubs will be sold at prices ranging from £75,000 and £600,000. However, the majority of the pubs for sale will be priced between £200,000 and £400,000. Some are being sold off in small packages, while most are to be offered individually.
The sale results from the pub co’s bailout by Lloyds Banking Group last year. The debt-for-equity swap meant that the bank took control of the firm and has appointed former Punch Taverns boss Jonathan Pavely as chairman. One of Pavely’s priorities was to carry out a review of the business, which has led to the sale of many of the company’s pubs.
Pavely said that the sites, although not in keeping with Admiral’s new business model, offer a great opportunity for people looking to buy a pub. He stated, "they offer good opportunities to a variety of potential buyers with the skills to achieve their potential."
Meanwhile, Christie & Co added that the sale is expected to generate, “significant interest from regional and local operators, individual buyers and developers.”
Independent industry experts are advising prospective publicans to tread carefully and to look closely at performance trends of any pub they are thinking of buying. One industry broker, who declined to be named, told the Business Sale Report, "those pubs earmarked for disposal have not been drawn from a barrel. I would advise purchasers to look closely at the raw sales and purchase figures of the public house, and make their own deductions about the prospects of the enterprise.
