Admiral Taverns has agreed a deal to acquire a portfolio of 18 freehold pubs from Marston’s for an undisclosed price.
The portfolio of wet-led establishments spans the UK and is located in counties including Dorset, Derbyshire and Yorkshire.
Following the transaction, Admiral, which is owned by real estate private equity firm Proprium Capital Partners, will have an estate of more than 1,420 community-focused pubs.
Chris Jowsey, CEO of Admiral Taverns, said: “I’m looking forward to welcoming these licensees to Admiral Taverns, and working together to grow these pubs as profitable small businesses and social hubs for their communities. We have a strong relationship with Marston’s and are delighted to make this acquisition, delivering against our strategy to grow our estate of profitable, community pubs.
“The deal also highlights the positive momentum and real resilience we’ve seen in the sector, particularly across our wet-led community estate as people have used their local pubs in recent months to enjoy a summer of sport with both the Euros and the Olympics encouraging people to visit. We remain optimistic that our licensee-centric approach, entrepreneurial licensees and high-quality estate continue to put us at the forefront of opportunities in our wider market.”
Philipp Westermann, partner at Proprium Capital Partners, added: “We remain confident in the significant opportunities for sustained long-term profitable growth at Admiral Taverns, which we look forward to continuing to support. Since Proprium Capital Partners acquired Admiral in 2017, we have acquired over 1,000 pubs across the UK through several transactions and successfully invested into and grown Admiral’s award-winning high-quality estate of profitable community focused pubs.”
Andy Kershaw, director of property at Marston’s, said: “This sale further demonstrates our objective to review our estate in line with our strategic goals. We have a long-term relationship with our colleagues at Admiral, and it is the perfect home for these pubs which align well to their business.”
Marston’s was advised on the deal by Christie & Co.
