Tennent’s parent takes Admiral stake

C&C Group, parent company of Tennent’s and Magners, is to take a minority stake in pub company Admiral Taverns.

C&C will invest £37 million in Admiral, which owns 845 pubs across the UK, representing 47% of the share capital of the company.

Together with Proprium Capital and the management of Admiral itself, the entire issued share capital of the company will be acquired.

Stephen Glancey, chief executive of C&C Group, said the tenanted pub model “is a key component of the pub industry” in the UK.

“For C&C, this is an attractive opportunity to create a new long term investment in the important on-trade channel, without taking significant financial and operational risk,” said Glancey.

“The investment will provide our brands with improved distribution in some of the best community pubs across the UK, with an opportunity to enhance on-trade penetration further over time.”

The business will continue to be led by the current management team.