Admiral Taverns has completed its acquisition of a portfolio of 137 community pubs from rival Marston's for £44.9m.
The deal is the latest by Admiral to be supported by investors Proprium Capital Partners and C&C Group following the acquisition in October of 150 pubs from Star Pubs & Bars.
The 137 small leased, tenanted and franchised pubs contributed earnings before interest, tax, depreciation and amortisation (EBITDA) of £4.8m and operating profit of £3.7m for the year to 28 September 2019. They have a book value of £62.6m. Their disposal was said to be "in line with Marston's plans to reduce its debt in part through the disposal of certain non-core assets".
Chris Jowsey, chief executive of Admiral Taverns (pictured above), said: "On behalf of the entire team here at Admiral I am delighted to be able to officially welcome our new licensees and colleagues into the business.
"We are firm champions of the leased and tenanted model and through this latest acquisition have been able to acquire an excellent portfolio of pubs, for which we are confident we can unlock new growth opportunities through our award-winning and highly supportive approach.
"Our integration programme is well underway, and we look forward to developing these new working partnerships."
Admiral Taverns said it had formed "a partnership" with experienced managed-operator Helen Standing "to facilitate the smooth transition of these pubs to the Admiral platform whilst the group evaluates the longer-term opportunities for these sites".
Marston's portfolio includes 1,537 pubs and beer brands Hobgoblin, Young's, Bombardier, Lancaster Bomber, Wychwood, Ringwood, Brakspear and Courage.
Admiral Taverns' estate comprises around 900 pubs.