Admiral to buy 127 Heritage Pub outlets

Admiral Taverns is to buy 127 Heritage Pub Company properties from the Globe Pub Company in a deal estimated to be worth £35m.

Admiral announced the purchase of the tenanted and leased pubs on 1 August. The sites, which were acquired as operating assets, are located throughout the UK and will be integrated into Admiral's current estate.

After completion, Admiral will own 627 pubs, having previously acquired sites from Enterprise Inns, Punch Taverns, Avebury Taverns and Greene King.

The company has purchased nearly 800 pubs since it was formed in March 2004, with many in the lower-income-yielding section of the market.

Its latest acquisition makes the company one of the UK's biggest independent tenanted pub companies as it continues its aggressive purchasing policy. In May, it bought 253 bottom-end pubs from Avebury.

Globe, which is part of Robert Tchenguiz's property investment company R20, only bought Heritage in June. It will retain 104 outlets from the original Heritage estate.

Admiral was advised by PC Hansen & Co.