PUBCO Admiral Taverns has been bought by a private investment firm for an undisclosed sum.
The acquisition of the 1100-strong tenanted pubco, by an affiliate of New York-based Cerberus Capital Management, from Lloyds Banking Group ends Admiral’s association with the bank. Lloyds has been a shareholder in the pub group since the business was refinanced in November 2009. The deal is said to mark the next phase in the development of Admiral Taverns following a three-year “transformation”.
Executive chairman Jonathan Paveley said the acquisition will help the pubco expand.
“Cerberus’s support will help Admiral develop the business further and strengthen its reputation among pub licensees as the best tenanted pub group in the country,” he said.