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

02 September 2009 by
Admiral Taverns to sell pubs worth £4.4m to cut debt

Admiral Taverns has placed 20 pubs on the market to the value of £4.4m in order to tackle mounting debts.

The pubs, worth £4.325m, are located across the country from Wiltshire to Oxfordshire and the North East and include the Swan Inn in Woolaston, Gloucestershire, which dates back to 1815.

Mark Greig, managing director of Paramount Investments, the company handling the sales, said: "There are some excellent locations among the 20 listed. Some of the sites are suitable for redevelopment but in many cases we expect the pubs to continue as going concerns."

Last month the 2,000-strong pub group announced plans to restructure its debts with Lloyds Bank in order to stay afloat after failing to repay a loan.

The privately-owned pub operator, which breached its banking covenants at the end of last year, is in talks with its lenders and is reportedly seeking a debt-for-equity swap.

Admiral Taverns puts another 47 pubs on the market >>

Admiral Taverns appoints Peter Brook as managing director >>

£60m cost of Scottish licensing act could close thousands of pubs >>

By Emma White

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