Cerberus Capital Management has confirmed the sale of pub company Admiral Taverns to a joint venture that includes C&C Group, Proprium Capital Partners and Admiral Taverns management.
Admiral Taverns owns and operates 845 pubs in the UK.
The sale comes after Cerberus launched an auction process for Admiral, advised by Sapient Corporate Finance. The joint venture paid around £220m for the portfolio, according to The Sunday Times.
Cerberus Capital Management bought Admiral Taverns in 2013 for £200m, including debt. At that time it comprised around 1,150 pubs across the UK.
Ronald Rawald, head of international real estate and senior managing director of Cerberus, said: “Since 2012, Cerberus has partnered with the exceptional management team at Admiral Taverns, led by chief executive Kevin Georgel, to strengthen and expand the business for the benefit of our investors and Admiral’s stakeholders, including consumers, tenants, and communities.
“Today, Admiral is the UK’s number one community pub group and is poised for continued and sustainable success.
“We are proud of what we have accomplished through our partnership with the Admiral team and continue to believe the UK pub sector is an attractive segment for long-term investors.”
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