The acquisition will see Chester-based operator Admiral’s pub portfolio rise from approximately 800 sites to around 950 wet-led venues across England, Scotland and Wales.
The deal is the latest landmark in what has been a busy year for Star’s pub estate.
Speaking to The Morning Advertiser in February, managing director Lawson Mountstevens stated he was prepared to pour millions of pounds into its tenanted and leased estate in 2019 to build upon the investment of some £140m following the acquisition of 1,900 sites from Punch in 2016.
What’s more, in April 2019, the operator of around 2,700 pubs pledged to ring-fence £50m to pump into 150 of its sites, a record sum for the business, which was estimated to create 1,200 jobs in the sector.
However, the acquisition by Admiral marks the latest in a string of disposals by Star in the past year including the sale of 76 sites to NewRiver’s pub operator Hawthorn Leisure for a fee thought to be worth £12m in December 2018, in addition to the sale of 150 former Punch pubs in July 2019.
Important step forward
Discussing the acquisition, Admiral Taverns’ chief executive Chris Jowsey – who left Heineken to succeed Kevin Georgel at Admiral in August – commented: “We are delighted to announce another important step forward in our strategy and ambitions for the business.
“Admiral has a strong track record of integrating new acquisitions and these new pubs will significantly increase our presence across the UK.”
“Core to Admiral’s approach is our commitment to invest behind our pubs and licensees, supporting them to build vibrant social hubs that can thrive at the heart of their local communities.
“Through this acquisition we are delighted to be able to bring so many new dedicated licensees into our business.
“On behalf of the team I would like to officially welcome them all to Admiral and look forward to building our long-term working partnerships.”