The sale of the shares will be completed and the consideration will be paid in three tranches during the 2023 financial year, subject to approval from the Financial Conduct Authority.
C&C Group, which has brands including Bulmers, Magners and Tennent’s, originally invested in Admiral in September 2017.
As part of the divestment, C&C has negotiated a long-term supply agreement into the pubco’s estate, including its owned and agency brands.
Trade recovery
The drinks company’s financial update for the 12 months ending 28 February 2022 also revealed the group delivered a net revenue increase of 87.8% to €1,438.1m (about £1,208.9m) with operating profit at €47.9m (approximately £40.2m).
C&C Group CEO David Forde said: “Following a period of unprecedented challenges for the hospitality sector, we are delighted to be back serving our customers and delivering our iconic and much-loved brands to our on-trade and off-trade partners.
“Encouraged by the reaction and resilience of the industry, we are pleased with how trading has recovered and the subsequent strength of customer and consumer demand, which we believe reflects the enduring importance of the on-trade and the role it plays in our society.”
He went on to say the 2022 financial year ended with a “robust return of the on-trade” and the company was looking forward to the opportunities ahead.
Monitoring costs
Forde added: “We are operating in an evolving and challenging inflationary cost environment and will continue to monitor this closely over the 2023 financial year and beyond.
“We have already taken action to afford the business a degree of protection, nevertheless we are susceptible to further increases in our cost base, which would necessitate further price increases.
“Despite the current positive sentiment in the hospitality sector post reopening, we are mindful of the pressures being faced by consumers and its potential impact on future demand.”
