Exclusive: Admiral Taverns acquires former Piccadilly pubs

Admiral Taverns has acquired around 190 pubs formerly owned by Piccadilly Licensed Properties, a company owned by Active Asset Investment Management (aAIM).

The pubs were managed by Scottish & Newcastle Pub Company, which called the estate Discovery, on behalf of aAIM, which went into administration in 2008.

But following the shake-up at S&NPC, the 270-strong aAIm estate was tipped to move on to different management.

It is understood that around 40 of the pubs will join Admiral's core division, around 110 will join its Phoenix turnaround division while a further 40 have been earmarked for sale.

aAIM, acquired 279 pubs from Marston's in 2007. The fund, had a number of celebrity investors including Sir Alex Ferguson, Sir David Frost and others. Its bankers HBOS, which has now merged with Admiral's bankers Lloyds, had a 20% stake in the company.

Lloyds Banking Group controls Admiral after a refinancing of the business last year.