Admiral Taverns to sell off 28 pubs

By Claire Dodd Claire

- Last updated on GMT

Related tags: Lloyds banking group, Debt, Finance, Admiral taverns

Twenty eight pubs belonging to Admiral Taverns are being sold off after the effective takeover of the pubco last week by Lloyds Banking Group. The...

Twenty eight pubs belonging to Admiral Taverns are being sold off after the effective takeover of the pubco last week by Lloyds Banking Group.

The company underwent a debt for equity swap last week which resulted in Lloyds, the pubco's lender, now owning a significant stake in the business.

It is understood the bank is keen to sell off closed sites. Twenty Admiral pubs already on the market have had their prices cut by a minimum of ten per cent.

Mark Greig, managing director of Paramount Investments which has been instructed to handle the properties, said that he expects as many as 25 Admiral sites to come to market each month.

"It's a very positive development and the bank wants to sell empty stock as soon as is reasonably practical. The Lloyds deal is going to create a lot of potential bargains and put closed down pubs back into business," he said.

The 28 newly released pubs are located across England, with prices ranging from £180,000 to £525,000.

Three pubs - the Brewmaster, Waterlooville, Hampshire; Decons in Bournemouth and the Ring o' Bells in Bradford - have already been sold.

Related topics: Property law

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