Admiral Taverns confirms sale of 150 pubs

15 March 2010 by
Admiral Taverns confirms sale of 150 pubs

Admiral Taverns has confirmed that it is to sell a total of 150 pubs from its 2,000-strong estate.

Licensees at the pubs were reported to have received a letter telling them of the plans last week. Property agent Christie + Co is thought to be marketing the pubs throughout the country, although it declined to comment on the news.

In a statement issued today, Admiral said: "The majority of the Admiral Taverns estate is continuing to trade well, however, a small proportion has been identified for sale as they no longer fit with our portfolio. We are looking to dispose of the 150 pubs either as a going concern or for alternative uses.

"This enables us to continue our ongoing programme of extensive investment in the remaining pub businesses, allowing them to capitalise on their opportunities for growth."

The company, which expanded rapidly purchasing 3,000 sites between 2004 and 2008, underwent a debt-for-equity swap late last year, which effectively left Lloyds Bank in charge of the company.

Hotels, restaurants and pubs lose around one-third of their peak values >>

Admiral Taverns to sell pubs worth £4.4m to cut debt >>

Admiral Taverns puts another 47 pubs on the market >>
By Neil Gerrard

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