Admiral Taverns set for £220m sale

Pub firm Admiral Taverns is set to be sold for £220m to a US investment fund, according to reports.

The Times claimed that New York fund Proprium Capital was in advanced sales talks to take over the business.

The news comes after hedge fund Cerberus launched an auction process for the company, which has more than 1,000 pubs across the country, earlier this summer.

Admiral was last sold four years ago when Cerberus acquired it for £200m from Lloyds Banking Group.

The company reported its first absolute growth in turnover, operating profit and EBITDA for eight years back in 2015 when turnover reached £78.4m and operating profit climbed 82% to just under £25m.

That followed a difficult period when Admiral collapsed under debt of nearly £1b built up during a series of acquisitions before the financial crisis. HBOS, later part of Lloyds, bought the company from the Landesberg and Rosenberg families before selling it on to Cerberus.

No deal for the business has yet been finalised.

Admiral Taverns reports first ‘absolute growth' in eight years >>

Admiral Taverns raises £15,000 for charity >>

Admiral Taverns puts 20 more pubs up for sale >>

Videos from The Caterer archives

Are you looking for a new role? See all the current hospitality vacancies available with The Caterer Jobs