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

E-mail your comments to Emma White here.

If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to jobs
Looking for a new job? Find your next pub job here with jobs

Blogs on]( Catch up with more news and gossip on all Caterer's blogs
[Newsletters For the latest hospitality news, sign up for our e-mail newsletters.
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking