Chester-headquartered Admiral Taverns, owned by real estate private equity firm Proprium Capital Partners, has acquired a portfolio of 18 freehold pubs from Marston’s.
Financial details were not disclosed.
The portfolio of 18 high-quality establishments spans the UK, located in counties including Dorset, Derbyshire and Yorkshire. The acquisition brings Admiral’s total estate to over 1,420, further strengthening its portfolio of community focused pubs which support and give back to their local communities.
The deal is Admiral’s second of the year, delivering against its strategy of profitable expansion, following its purchase of 37 pubs from Fuller, Smith and Turner in May.
These 37 pubs strengthened Admiral’s presence in the South-East of England, taking the group’s number of pubs in the region to over 300.
Admiral has a successful track record and was awarded the ‘Best Community Pub Operator’ Award at the Publican Awards this year. It has invested over £38 mln (€45 mln) in the last 12 months in key areas including major refurbishments and sustainability upgrades to individual pubs.
Chris Jowsey, CEO of Admiral Taverns, commented: '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.'
Philipp Westermann, partner at Proprium Capital Partners, said: '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, commented: '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 Noel Moffitt, senior director – pubs & restaurants at Christie & Co.
