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."