The sale of Admiral Taverns to Proprium Capital Partners and C&C Group has completed, it was announced this morning.
In August it was first revealed that the 845-strong pub firm was set to be sold by hedge fund Cerberus for £220m to the US investment fund. Cerberus acquired the group four years ago from Lloyds Banking Group for £200m.
The board of Admiral Taverns confirmed today the transaction has completed, “providing the group with a strong platform to support its ambitious growth plans”. The current management team led by chief executive Kevin Georgel remains invested.
Georgel said: “I am delighted to welcome on board our new investors. This transaction positions our business for long-term growth, ensuring we have the right platform in place to continue the significant progress we have made over the past five years and take advantage of the opportunities within our markets.”
The pub group announced earlier this month it intends to acquire 29 pubs from Heineken’s Star Pubs & Bars business in partnership with G1 Group.
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