Admiral Taverns has agreed a deal to acquire a portfolio of 37 freehold pubs from Fuller, Smith & Turner (Fuller’s) for £18.3m.
The portfolio of wet-led sites are located in London and the Home Counties and takes the group’s UK-wide estate to more than 1,420 pubs.
Chris Jowsey, CEO of Admiral Taverns, which is owned by real estate private equity firm Proprium Capital Partners, said: “I’m delighted to welcome our new licensees to the Admiral team, and we’re excited by the opportunity to develop these pubs in partnership together. 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. As 2024 Community Pub Operator of the Year, we look forward to working with licensees to develop their brand range and consumer offer to people in their local neighbourhood. Our focus on helping licensees to maximise the revenue potential of their pub will help them to build their business, whilst providing a vibrant social amenity for their community. Together, we look forward to growing the profitability of these pubs and ensuring they continue to develop as successful small businesses.
“Despite the complexities of the macro-economic environment, across our estate we are seeing community pubs, and specifically wet-led establishments, maintaining their popularity amongst locals as people continue to enjoy going out for an affordable treat with family and friends. 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.”
Philipp Westermann, partner at Proprium Capital Partners, added: “Since Proprium Capital Partners acquired Admiral in 2017, we have acquired over 1,000 pubs across the UK through several transactions, successfully investing into and profitably growing Admiral’s award-winning high-quality estate of individual wet-led community pubs. We remain excited by the sustainable long-term opportunities for Admiral and look forward to continuing to support its successful growth.”
