C&C buys stake in United Kingdom pubs group Admiral

C&C buys stake in United Kingdom pubs group Admiral”

Community pub group Admiral Taverns has been acquired by Proprium Capital Partners and Bulmers brewer C&C Group in partnership with the group's management, it was announced this morning.

The GBP37.0 million will be funded from C&C's existing facilities and represents a 47% stake in Admiral.

C&C said the investment should deliver significant economic and route-to-market benefits to its United Kingdom business, mostly in England and Wales, through the direct access granted to Admiral's sites, 95% of which were freehold or long leasehold, via a procurement and supply agreement.

Admiral's management will remain at the helm of the business, which C&C is expecting to provide mid-single digit earnings and "attractive returns on equity" in the first full financial year after the deal is finalised.

In December, Heineken snapped up Punch Taverns alongside private equity firm Patron Capital in a £403 million deal.

The transaction, subject to FCA approval, was expected to be completed by 30 November.

Champions of the tenanted business model, over the last 5 years Admiral has developed a high-quality estate of 845 predominantly wet-led pubs which sit at the heart of their local communities.

The Admiral management team led by Chief Executive Kevin Georgel will remain invested and continue to lead the business, building on its proven growth strategy which has seen Admiral cement its reputation as a leading operator of community pubs across the UK.

Admiral's latest accounts for the 52 weeks to 28 May 2016, showed an underlying EBITDA of £25.2 million and an underlying EBITDA margin of 36.2%. C&C has a long and successful track-record of supplying and providing financial support to local pubs within the independent free-trade in Scotland and Ireland.

He added: "The investment will provide our brands with improved distribution in some of the best community pubs across the United Kingdom, with an opportunity to enhance on-trade penetration further over time".

Shares in C&C Group opened down 0.7% at 3.01 pence on Monday.

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