C&C Group, parent company of Tennent’s and Magners, is to sell its minority stake in pub company Admiral Taverns for £55 million.
The drinks company teamed with investment firm Proprium Capital Partners to acquire Admiral in 2017, with C&C taking a minority stake for £37m.
It will now sell its entire stake to Proprium, with the £55m to be paid in three tranches during the 2023 financial year. As part of the sale, C&C has negotiated a long-term supply agreement with the Admiral estate, which numbers over 1600 pubs across the UK.
The disposal was announced in C&C Group’s most recent financial results, for the year to 28th February.
In addition to the sale of the Admiral stake, the results reported an operating profit of €47.9m for the period, on revenues of €1.4bn.
David Forde, group chief executive of C&C Group, said: “Following a period of unprecedented challenges for the hospitality sector, we are delighted to be back serving our customers and delivering our iconic and much-loved brands to our on-trade and off-trade partners.
“Encouraged by the reaction and resilience of the industry, we are pleased with how trading has recovered and the subsequent strength of customer and consumer demand, which we believe reflects the enduring importance of the on-trade and the role that it plays in our society.”
