Admiral pays £56million for Greene King pubs
Admiral Taverns has announced it is to buy 155 pubs from Greene King £56.525 million.
The pubs include 140 tenanted and leased pubs and 15 managed pubs, located predominately in the South of England.
The majority (138) are either freehold or long leasehold.
The historic EBITDA generated by the acquired pubs was £5.3 million.
The acquisition of this estate will take the Admiral business to 1,950 pubs, consolidating its position as the third largest owner and operator of tenanted and leased pubs in the UK.
Admiral has also entered into a brand supply agreement with Greene King for the supply of Greene King ales, which will be available across its English estate.
Gary Landesberg of Admiral Taverns said: "This transaction enhances the quality of our estate.
"These are typical high quality Greene King pubs located in some of the most attractive locations in the South of England, which will strengthen the already strong Admiral portfolio."
Rooney Anand, chief executive of Greene King, said: "Greene King's continuous drive to improve the overall quality of our estate has meant that we have long been sellers as well as buyers of pub assets.
"Today's deal marks another step in this strategy at a sensible price and we are also pleased with the supply agreement for our ales into the enlarged Admiral
estate."
