Admiral agrees deal wth G1 for Heineken pubs
G1 Group will acquire a portfolio of 29 pubs from Star Pubs & Bars, comprising 12 pubs in Scotland and 17 across England and Wales.
The portfolio has been brought to the market as a result of the Competition and Market Authorities' (CMA) investigation into Heineken’s acquisition 1,900 pubs from Punch.
Admiral said it was currently completing the sale of its own business to new investors Proprium Capital Partners and C&C Group.
As part of the deal with G1 Group, Admiral will take over the management of 17 of the pubs across England and Wales. It will then acquire these pubs from G1 on completion of its own change in ownership. G1 will retain the 12 pubs located in Scotland.
Admiral currently has an estate of 845 predominantly wet-led pubs.
Admiral Taverns chief executive Kevin Georgel said: “Just over a month ago, we announced new investment into our own business. Our new investors support our ambitious growth plans and, as stated at that time, we intend to be at the forefront in reviewing all opportunities as and when they arise in the market.
“This acquisition is early testament to our commitment to this growth strategy and I am delighted to be able to welcome these high-quality licensees and pubs to the Admiral business.”
The acquisition is anticipated to complete at the end of November.
