SECOND ACQUISITION OF 2024 AND LATEST DEVELOPMENT IN GROUP’S STRATEGY TO GROW ITS ESTATE OF PROFITABLE COMMUNITY PUBS
The Board of Admiral Taverns (“Admiral”), the UK’s leading community pub group owned by real estate private equity firm Proprium Capital Partners, is pleased to announce that it has reached an agreement to acquire a portfolio of 18 freehold pubs from Marston’s PLC (“Marston’s”).
The portfolio of 18 high-quality wet-led establishments spans the UK, located in counties including Dorset, Derbyshire and Yorkshire. The acquisition brings Admiral’s total estate to over 1,420, further strengthening its portfolio of community focused pubs which support and give back to their local communities.
The deal is Admiral’s second of the year, delivering against its strategy of profitable expansion, following its purchase of 37 pubs from Fuller, Smith and Turner PLC (Fuller’s) in May. These 37 pubs strengthened Admiral’s presence in the South-East of England, taking the Group’s number of pubs in the region to over 300.
Admiral has a successful track record of acquiring community pubs and unlocking growth opportunities through its award winning, licensee-centric approach. This year, the Group was awarded the ‘Best Community Pub Operator’ Award at the Publican Awards and is continuing its strategic commitment to invest in and grow its pubs, investing over £38 million in the last 12 months in key areas including major refurbishments and sustainability upgrades to individual pubs.
Chris Jowsey, CEO of Admiral Taverns, commented: “I’m looking forward to welcoming these licensees to Admiral Taverns, and working together to grow these pubs as profitable small businesses and social hubs for their communities. We have a strong relationship with Marston’s and are delighted to make this acquisition, delivering against our strategy to grow our estate of profitable, community pubs.
The deal also highlights the positive momentum and real resilience we’ve seen in the sector, particularly across our wet-led community estate as people have used their local pubs in recent months to enjoy a summer of sport with both the Euros and the Olympics encouraging people to visit. We remain optimistic that our licensee-centric approach, entrepreneurial licensees and high-quality estate continue to put us at the forefront of opportunities in our wider market.”
Andy Kershaw, Director of Property at Marston’s PLC, commented: “This sale further demonstrates our objective to review our estate in line with our strategic goals. We have a long-term relationship with our colleagues at Admiral, and it is the perfect home for these pubs which align well to their business.”
Marston’s was advised on the deal by Noel Moffitt, Senior Director – Pubs & Restaurants at Christie & Co.
ENDS
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Notes To Editors:
Admiral Taverns
Admiral Taverns (“Admiral”) is the UK’s number one community pub group. Headquartered in Chester; the Group operates a national estate of over 1,400 predominantly wet-led community pubs.
Admiral’s unique operational approach has earnt industry recognition with the Group winning Best
Community Pub Operator at this year’s Publican Awards, whilst also being shortlisted for Best Partnership Pub Company (501+ Sites). In 2019, 2016 and 2013, Admiral Taverns won Best Leased and Tenanted Pub Company at the Publican Awards and ranked highly commended as Best Community Pub Operator in 2017. The Group has also been consistently highly rated by licensees in the industry’s independent annual Tenant Track survey, exceeding the scores of all its national peers.
Proprium Capital Partners
A spin out of the Morgan Stanley Real Estate Special Situations team, the Proprium principals have been investing in real estate operating companies since 1996, focusing on scalable themes with experienced local partners and platforms. Proprium’s strategy of platform investing seeks to deliver private equity returns in the real estate industry. Proprium manages funds on behalf of institutional investors across the globe, including government and private sector pension and retirement funds, banks, family offices and sovereign wealth funds. Today, Proprium has grown to over USD$4 billion of net assets under management with a global platform of six offices across the US, Europe, and Asia Pacific. Further information can be found at www.proprium.com.
Media Enquiries:
Houston
Kelsey Traynor/Polly Clarke/Ben Robinson/India Spencer
T: +44 (0) 204 529 0549
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