Chief executive Chris Jowsey told The Morning Advertiser (The MA) the group’s capex “hasn’t really” changed in response to recent cost pressures.
“We’re averaging £33m a year,” he said, citing cash spend of £28m (year to May 2023), £37m (to May 2024) and £33m (to May 2025). Around 25% of annual capex goes on maintenance, with 75% directed to growth projects.
Jowsey said Admiral’s model - predominantly leased and tenanted pubs on five-year agreements, plus 220 sites in its operator-managed Proper Pubs division - has insulated many licensees from some tax changes.
‘Little impact’
“Because our pubs are relatively small… the majority haven’t really been impacted” by the National Insurance changes, he said, adding that “nearly 70% of our pubs don’t pay any business rates at all currently because they’re below the small business threshold.”
On investment priorities, Jowsey stressed Admiral’s site-by-site approach across a largely wet-led estate, focusing on outside trading areas, internal refurbishments and living accommodation for licensees.
“We look for a blended return across the whole capex programme… generally I’m looking to get our money back in five years,” he said.
Energy saving
Energy efficiency remains a major focus. “We spent £2m on Technik2 in cellars and added controls behind the bar so fridges switch off overnight. We’re moving everything to LED and run a 20–30-point checklist on every project - from loft insulation to double glazing,” Jowsey said.
“Last year we took about 1,500 tonnes of carbon out,” with further trials, including voltage optimisation, now under way.
Admiral continues to convert suitable sites into its operator-managed model. “If it’s right for Proper Pubs, we’ll convert it. We typically spend about £270k on one of those and will do around 30 this year."
The group’s growth strategy remains supported by what he described as a “prudent” balance sheet. “Our leverage is less than five times… our mortgage is less than half the value of the business, so I’m really comfortable with that,” he said. “We’re growing our profitability and then reinvesting the proceeds.”
Looking to 2026, Admiral is planning “30-odd million again” in capex. Jowsey repeated calls for reform of property taxes to underpin investment: “The small business rates threshold has been £12,000 since 2017 - it needs to go up. If it had increased with inflation, it would now be £18,000,” he said, also urging a larger differential on draught beer duty.
Above all, Jowsey framed investment as a commitment to local communities. “We’re licensee-centric and very community focused,” he said. “We’re always looking for opportunities to make these pubs better, for operators, guests and the places they serve.”
