Admiral Taverns and one of Scotland’s largest hospitality companies, the G1 Group, have collaborated to buy 29 pubs from Heineken’s newly enlarged Star Pubs & Bars estate.
Heineken completed its deal to acquire 1,900 pubs from Punch Taverns back in September, and has begun shedding its excess sites. The 29-strong package includes both former Punch sites as well as a number of Star pubs. Its agreement with the Competition and Markets Authority requires the sale of 30 sites.
Those included in the sale to Admiral and G1 include 12 pubs in Scotland and 17 across England and Wales, and are described as 'high-quality community pubs'.
Admiral itself was recently picked up by Magners maker, C&C and Proprium Capital Partners for £200m. As a result while the sale completes, G1 will acquire all 29 pubs in the package, with Admiral taking on the management of 17 of the sites until it is able to buy them once its own change of ownership is complete. G1 will retain the 12 pubs located in Scotland.
'Just over a month ago we announced new investment into our own business,' Admiral Taverns’ chief executive Kevin Georgel said. 'Our new investors support our ambitious growth plans and as stated at that time we intend to be at the forefront in reviewing all opportunities as and when they arise in the market. This acquisition is early testament to our commitment to this growth strategy and I am delighted to be able to welcome these high-quality licensees and pubs in to the Admiral business.'
Admiral currently has an estate of around 845 predominantly wet-led pubs. It previously purchased 111 pubs from Star Pubs & Bars in 2014.