Yahoo Finance Fuller’s cashes in with sale of London pubs to Admiral Taverns
Fuller Smith & Turner has agreed to sell a portfolio of 37 London pubs and pubs in the South East of England from its Tenanted Inns Division for a total of £18.3m to Admiral Taverns Limited.
The 179-year-old business said the sale would help boost its balance sheet and provide funds for future acquisition opportunities.
The portfolio of London pubs generated £1.3m of profit before tax for the 52 weeks to 30 March 2024.
Fullers said: “It is anticipated that the disposal will complete on 25 June 2024.
“Following completion, Fuller’s will have 154 pubs within its Tenanted Inns Division to complement the 179 properties in its managed pubs and hotels division.”
Chris Jowsey, chief of Admiral Taverns, said: “Despite the complexities of the macro-economic environment, across our estate we are seeing community pubs, and specifically wet-led establishments, maintaining their popularity amongst locals as people continue to enjoy going out for an affordable treat with family and friends.
“Wet-led, community pubs have demonstrated real resilience over recent times, and we remain optimistic that our nurturing ethos, entrepreneurial licensees and high-quality estate continues to position the group well to be at the forefront of opportunities in our wider market.”
The hospitality chain, backed by Proprium Capital Partners, has over 1,400 pubs in Britain, including 300 in the South East of England.
Philipp Westermann, partner at Proprium Capital Partners, added: “Since Proprium Capital Partners acquired Admiral in 2017, we have acquired over 1,000 pubs across the UK through several transactions, successfully investing into and profitably growing Admiral’s award-winning high-quality estate of individual wet-led community pubs.
“We remain excited by the sustainable long-term opportunities for Admiral and look forward to continuing to support its successful growth.”
