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
This well-established fish and chip shop in North East Worcestershire is highly regarded for its diverse menu, featuring classics alongside popular items like Ben & Jerry’s ice cream.
LEASEHOLD
Located in Falmouth's vibrant waterfront area, this premier restaurant and wine bar boasts a stunning open-plan kitchen and recently updated facilities, offering a unique dining experience with picturesque views of the river and harbour.
LEASEHOLD
This exceptional seafront licensed restaurant is in a rare, high-profile location on the South Dorset coast, offering stunning sea views and easy access to a busy tourist area.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.