Signs of recovery within Admiral's pub turn-around division
There are signs of recovery in the turn-around division of Admiral Taverns headed by industry veteran Peter Brook.
Admiral: some green shoots in turnaround division
Brook took over the Phoenix division at the start of 2009 and had a sizeable number of closed pubs — average barrelage had dropped to 75 barrels a year from 150 within three years.
Brook said: “We have focused our efforts on identifying pubs which have a future and as a result disposing of sites which we no longer consider to be viable businesses from both a tenant and company perspective.
"Alongside this we have been identifying pubs which are in need of investment which the restructuring will enable us to move forward with.
"Furthermore, we have been working hard on re-opening closed pubs which have a sustainable future resulting in overall barrelage now being in growth year on year.”
Lloyds Banking Group took a stake in Admiral Taverns, believed to be just under 50% earlier this week in a debt for equity swap.
Jonathan Paveley, the former Punch commercial director, became the company's executive chairman as founders, the Landesberg and Rosenberg families stepped down.
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