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.

Like this


04 September 2017
Kendall Responds To Pepsi Ad Criticism
The transgender role model appeared on Good Morning Britain to discuss life since transitioning two and half years ago. Still, she has no regrets. 'The book was my story and my opinion on how things happened.

04 September 2017
Labor Day 2017: What's open, what's closed
Labor Day in the U.S. is a public holiday and honours the achievements of workers and the American labor movement in particular. Honoring labor as a "contributor" to American prosperity is like toasting oxygen's contribution to human evolution on earth.

04 September 2017
Swiss ready to play mediator role in North Korea crisis, president says
Leuthard added that in coming weeks, everything would depend on how the United States and China would influence the situation.

04 September 2017
Relief Funding Coming for Harvey Victims
The administration request also would expedite spending $6.7 billion in next year's spending bill on disaster relief. Failing to raise the debt limit would risk a market-shattering first-ever US default.

04 September 2017
UM Motorcycles launch Commando Classic and Mojave in India
Devoid of the windshield, the Commando Mojave is available in a matte desert colour and gets a cell phone pad on the tank. UM Motorcycles , partner of the Lohia Group, officially showcased its Renegade range past year at the 2016 Auto Expo.

04 September 2017
Mariners look for series sweep vs. Oakland
The Mariners overcame a 6-2 deficit last night, as a passed ball in the 9th to beat the A's 7-6. Later, Blake Treinen uncorked a wild pitch, and Segura scooted home with the winning run.

04 September 2017
Stocks rise as investors cheer August jobs report
General Motors jumped 0.9 percent after reporting that August sales were up 7.5 percent over the same month a year ago . The Nasdaq composite gained 1.1 per cent, to 6,368.31 as technology companies rose for the third day in a row.

04 September 2017
PMI inches up to 52.5 points in August
Although total new orders continued to decline, the rate of contraction softened against a backdrop of rising exports. The latest data shows that construction output fell 0.1% month-on-month in June, which was a third successive fall.

04 September 2017
Honda might owe you $500 after defective air bag settlement
Honda said the settlement covers 11.4 million vehicles now under recall and 5.1 million more vehicles that may be recalled later. In August, Nissan Motor Co. also reached a settlement with vehicle owners to pay at least $97 million.

04 September 2017
Saina returns to Gopichand academy: Here's how badminton greats buried the hatchet
This is not the first time that Gopichand and Gutta have been at loggerheads and their spat has been on for many years now. Saina surged to the world No. 1 spot, reached the All England final and also bagged two World Championship medals.