C&C invests in UK chain Admiral to access 845 pub network
(Adds CFO says hopes for further acquisitions)
Sept 4 (Reuters) - C&C Group Plc (Other OTC: CCGGY - news) :
• agrees to acquire entire issued share capital of Admiral Taverns in partnership with Proprium Capital Partners and Admiral management
• investment will provide direct access to 845 pubs, mainly across England and Wales
• sees mid-single digit earnings accretion and attractive returns on equity in the first full financial year following completion;
• equity investment by C&C is £37m representing 47% of issued capital of Admiral
• investment will be funded from existing c&c facilities and admiral will be accounted for as an associate of c&c
• CFO says hopes to see aditional pub acquisitions in coming 12 months' would be acquired through Admiral platform
• "This is a good platform for us to go on and build the estate further," CFO Jonathan Solsbury says
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