Admiral purchase from Punch included 150 ‘gold brick' pubs

10 May 2007
Admiral purchase from Punch included 150 ‘gold brick' pubs

Admiral Taverns, the UK's third-largest pub operator purchased 150 "gold brick" pubs as part of its acquisition from Punch Taverns last month, it emeregd this week.

Admiral now has a 2,700-strong portfolio after buying 869 of Punch's less profitable pubs. The portfolio for sale included two packages, one of just over 700 pubs and one of 150 sites identified by Punch as "gold bricks" - properties worth more through their sale as alternative-use sites instead of retaining them as pub businesses.

Punch chief executive Giles Thorley said of the gold bricks portfolio: "We marketed [it] to different investors. For those 150 sites I ascribed a price to lead to an evaluation that would determine what they were worth. Although people have gasped at the size of the portfolio purchased, Admiral provided a definitive price across both packages which was not met by anyone else."

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking