Admiral Taverns reveals £1b war chest to fund growth

24 July 2007 by
Admiral Taverns reveals £1b war chest to fund growth

Acquisitive Admiral Taverns has revealed a £1b war-chest for "acquisitions and development of the business" after completing refinancing negotiations.

The third largest tenanted pub company in the UK has renegotiated a three year debt of £760m with Bank of Scotland and Irish Nationwide Building Society (INBS) to refinance 1,755 pubs in the estate of 2,600.

The remaining 869 pubs, bought from Punch Taverns for £326m in May 2007 will continue to be financed separately by Bank of Scotland and INBS.

Gary Landesberg, chief executive of Admiral Taverns, said: "Our strong performance and sustainable, stable cash flows have enabled us to repay loans taken out to build Admiral into the third largest tenanted pub company in the UK.

"With the support of Bank of Scotland and INBS, the new financing package provides the group with £1 billion firepower to make acquisitions for its next stage of development."

Admiral Taverns names joint managing directors>>

Pub acquistions push Admiral into top three>>

OFT considers whether to refer Admiral Taverns deal to competition authorities>>

E-mail your comments to Christopher Walton]( war chest) here.

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