200 pubs up for sale by Admiral

The Publican has learned that Admiral Pub Company is to dispose of 200 pubs over the coming months.

London-based property agent Greene & Co, which is acting on behalf of Admiral for the transactions, said that Admiral was rationalising its estate and looking at other opportunities.

Cornelius Evans, manager for UK pub sales at Greene & Co, said the disposals were made up of a mixture of pubs from across the UK, from those not pulling their weight within the estate to others which represented a great opportunity for alternative use.

"The majority are not producing enough income or have significant development potential," he said. "The bulk of the disposals are already vacant and so there is a good investment opportunity out there for someone."

Only 47 out of the 200 have tenants still in situ. Of the 47 most tenants only have another six months left on their agreements although there are some which will be sold as going concerns, with one tenant on a three-year lease and another who is on a 28-year agreement.

Interest in the pubs appears to be strong, with nearly 20 being sold within the last two weeks - according to Evans most of these have gone to buyers looking to develop the pub for alternative use.

Evans also confirmed that Admiral might well look at acquisitions in the future but right now is focused on these disposals