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Admiral does biggest deal to date

14 August 2006
Admiral does biggest deal to date

Admiral TavernsEnterprise Inns for £318.1m.

The portfolio consists of tenanted and leased pubs in England and Wales, with a quarter located in London and the South-east. Completion is due in early September.

Gary Landesberg, joint owner of Admiral Taverns, said the acquisition would "transform the scale of our business driving increased economies of scale". He added the company would continue to look for further acquisitions.

The deal will take Admiral's estate to more than 2,000 properties, and follows its acquisition of 376 tenanted pubs from KUC (Public Houses) in February this year.

Ted Tuppen, Enterprise Inns chief executive said the disposal was in line with the company's aim of improving the overall quality of its estate, by removing pubs that do not meet its portfolio objectives. Following the deal, Enterprise will have around 7,700 pubs in its estate.

By Emily Manson

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