Admiral Taverns sale confirmed

The sale of Admiral Taverns to Proprium Capital Partners and C&C Group has been confirmed by the group's board.

In August it was first revealed that the pub firm was set to be sold for £220m to the US investment fund.

The 845-strong group was sold by hedge fund Cerberus, which acquired Admiral four years ago from Lloyds Banking Group for £200m.

Admiral Taverns' management team, led by chief executive Kevin Georgel, will remain with the business.

Georgel said: "Recent years have seen Admiral Taverns go from strength to strength and I am delighted that with the support of our new investors we will have the platform in place to continue our development and execute our growth plans.

"Today, our nationwide estate of community pubs showcases the supported-tied model at its best. Through our distinct and award winning operational approach, our dedicated and passionate team have worked hard to build strong and enduring relationships with our licensees."

The company reported that turnover reached £78.4m in 2015, while operating profit climbed 82% to just under £25m.

Ronald Rawald, head of international real estate and senior managing director of Cerberus said: "Today, Admiral is the U.K.'s number one community pub group and is poised for continued and sustainable success. We are proud of what we have accomplished through our partnership with the Admiral team and continue to believe the U.K. pub sector is an attractive segment for long-term investors."

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