Admiral Taverns buys 18 Marston's freeholds
Admiral Taverns has reached an agreement to acquire 18 freehold pubs from Marston’s.
Portfolio acquisitions continue in the pub and bar industry, with Admiral Taverns the latest to acquire a group of freehold sites in a package deal.
The community pub group, owned by real estate private equity firm Proprium Capital Partners, has reached an agreement to acquire a portfolio of 18 freehold pubs from Marston’s PLC.
Made up of wet-led establishments around the UK, the pubs are located in counties including Dorset, Derbyshire and Yorkshire. The acquisition brings Admiral’s total estate to over 1,420.
The deal is Admiral’s second of the year, following its purchase of 37 pubs from Fuller’s in May. In contrast, the agreement marks another moment of consolidation for the Marston's estate, following the sale of 19 sites to Red Oak Taverns earlier this year.
Profitable small businesses
"I’m looking forward to welcoming these licensees to Admiral Taverns, and working together to grow these pubs as profitable small businesses and social hubs for their communities," says Chris Jowsey, CEO of Admiral Taverns. "We have a strong relationship with Marston’s and are delighted to make this acquisition, delivering against our strategy to grow our estate of profitable, community pubs.
"The deal also highlights the positive momentum and real resilience we’ve seen in the sector, particularly across our wet-led community estate, as people have used their local pubs in recent months to enjoy a summer of sport with both the Euros and the Olympics encouraging people to visit. We remain optimistic that our licensee-centric approach, entrepreneurial licensees and high-quality estate continue to put us at the forefront of opportunities in our wider market."
Admiral Taverns has invested over £38m in the last 12 months in key areas of its estate, including major refurbishments and sustainability upgrades to individual pubs.
"This sale further demonstrates our objective to review our estate in line with our strategic goals," says Andy Kershaw, director of property at Marston’s. "We have a long-term relationship with our colleagues at Admiral, and it is the perfect home for these pubs which align well to their business."
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