Admiral Taverns set to sell 300 pubs a year

By Ewan Turney

- Last updated on GMT

Related tags: Lloyds banking group, Pubs, Board of directors, Admiral taverns

Admiral Taverns: plans to off-load closed pubs
Admiral Taverns: plans to off-load closed pubs
Admiral Taverns looks set to sell 300 pubs a year, following Lloyds Banking Group taking an equity stake in the company.

Admiral Taverns looks set to sell up to 300 pubs a year, following Lloyds Banking Group taking an equity stake of just under 50% in the company.

Admiral has put 28 pubs up for sale with Paramount Investments, which expects a further 25 to be released for sale each month. Admiral has 2,100 pubs in its estate.

The sale reflects the bank's desire to offload closed down pubs, Paramount said. Three of the current batch have already been sold.

In addition, the prices of a further 20 Admiral pubs have been cut by 10% or more.

"It's a very positive development and the bank wants to sell empty stock as soon as is reasonably practical," said Paramount managing director Mark Greig.

"The Lloyds deal is going to create a lot of potential bargains and put closed down pubs back into business."

The 28 pubs newly released are spread across all parts of England, including rural and urban locations. Prices vary from £180,000 to £525,000.

The three pubs which have been sold already are the Brewmaster, Waterlooville, Hampshire; Decons in Bournemouth and the Ring o' Bells in Bradford.

Jonathan Paveley, the former Punch commercial director, became Admiral's executive chairman as founders, the Landesberg and Rosenberg families stepped down.

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