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Tchenguiz sells Heritage pubs to Admiral

From The Publican

01-Aug-2005

Property tycoon Robert Tchenguiz has offloaded more than 100 pubs from the Heritage Pub Company, which he bought less than two months ago.


Admiral Taverns has bought 127 Heritage outlets from Mr Tchenguiz's Globe Pub Company for approximately £35m - around £280,000 per site.


The acquisition brings the Admiral portfolio up to 627 pubs. The sites sold comprise tenanted and leased sites and are located across the UK.


Robert Tchenguiz's Globe Pub Co bought the 231-strong Heritage chain in June for an undisclosed fee, and the sale leaves Globe with 104 pubs from the original Heritage estate.