Admiral snaps up more than 50 sites in five months
The Chester-based business now operates more than 1,400 predominantly wet-led pubs across the country, having acquired 55 pubs in total between May and September 2024.
Going back to May, Admiral announced it had purchased 37 tenanted pubs from Fuller’s.
The cash sale proceeds for the portfolio, which generated £1.3m of profit before tax in the 52 weeks to 30 March 2024, was £18.3m with a premium of £1.6m to the gross asset value of £16.7m.
Profitable growth
Admiral, which was crowned Community Pub Operator of the Year at the 2024 Publican Awards, said the move would “strengthen” its portfolio in the South-East as part of its strategy to drive “profitable expansion”.
Regarding the deal, CEO Chris Jowsey said: “Recent years have seen Admiral build a strong track record in delivering profitable growth across our estate, underpinned by continuous targeted investment to unlock new opportunities, supporting community pubs to thrive.
“Wet-led, community pubs have demonstrated real resilience over recent times, and we remain optimistic that our nurturing ethos, entrepreneurial licensees and high-quality estate continues to position the Group well to be at the forefront of opportunities in our wider market.”
More recently, the firm reached an agreement with Marston’s for the procurement of 18 wet-led pubs spread across the UK in counties including Dorset, Derbyshire and Yorkshire.
Social hubs
The group stated it would continue to invest and grow its pub estate, having ploughed more than £38m in the past 12 months in key areas such as refurbishments and sustainability upgrades to individual sites.
In addition, in December 2023, the firm opened its 200th site as part of its community wet-led division, Proper Pubs.
On the latest acquisition, Jowsey said: “I’m looking forward to welcoming these licensees to Admiral Taverns and working together to grow these pubs as profitable small businesses and social hubs for their communities.”
Earlier this year (June), The Morning Advertiser spoke with Chris Jowsey where he discussed the company’s acquisition and capital expenditure activity.
