Admiral Taverns confirms pub sell-off
Christie + Co, the property agent, has confirmed it is to sell 150 freehold pubs on behalf of Admiral Taverns.
Prices for pub sell off - which was exclusively revealed by The Publican last week - range from between £75,000 and £600,000.
The Publican understands the "majority" of the pubs, located across the UK from Newcastle to Plymouth, Swansea to Lowestoft, are being offered at prices between £200,000 and £400,000. The pubs will either be sold as individual units or in small packages.
The sale is the first strategic move since Admiral was bailed out by its bank, Lloyds Banking Group, in a debt-for-equity swap late last year.
The bank effectively controls the pubco and installed former Punch Taverns executive Jonathan Paveley as its chairman, who immediately commissioned a review of the business.
Paveley said that while the pubs being sold no longer fit the requirements of the business, "they offer good opportunities to a variety of potential buyers with the skills to achieve their potential."
Neil Morgan, Christie + Co's head of pubs, said: "We are delighted to have been appointed by Admiral Taverns to sell this group of predominantly freehold pubs, which we expect to generate significant interest from regional and local operators, individual buyers and developers."
