Admiral Taverns snaps up 37 Fuller's pubs for £18.3m

Admiral Taverns is to expand its footprint in the south-east of England after agreeing to acquire 37 freehold pubs from Fuller’s for £18.3m.

 

The portfolio of 37 community, wet-led pubs is spread across London and the Home Counties, including Surrey, Sussex and Hampshire.

 

The deal will take Admiral’s total estate to over 1,420 sites and expand its number of pubs in the south-east to over 300.

 

Admiral said it had a “strong track record” of buying pubs and “unlocking new growth potential”, having invested £39m across its portfolio with the backing of its owner, real estate private equity firm Proprium, over the past year.

 

Chris Jowsey, chief executive of Admiral Taverns, said community, wet-led pubs remained popular with customers despite the challenging economic background.

 

He added: “These 37 pubs are an excellent acquisition for our business, increasing our reach in the south-east of the UK.

 

“Despite the complexities of the macro-economic environment, across our estate we are seeing community pubs, and specifically wet-led establishments, maintaining their popularity amongst locals as people continue to enjoy going out for an affordable treat with family and friends.

 

“Wet-led, community pubs have demonstrated real resilience over recent times, and we remain optimistic that our nurturing ethos, entrepreneurial licensees and high-quality estate continues to position the group well to be at the forefront of opportunities in our wider market.”