Admiral Taverns and the G1 Group have reached an agreement with Heineken to acquire a portfolio of 29 pubs.
The deal includes 12 pubs in Scotland and 17 across England and Wales.
The portfolio has been brought to the market as a result of the Competition and Market Authorities (CMA) investigation into Heineken’s acquisition of the Punch A portfolio and is comprised of pubs from both Star Pubs & Bars and Punch A.
Admiral is currently completing on the sale of its own business, with new investors Proprium Capital Partners and C&C Group supporting its growth strategy.
In the short term, Admiral will take over the management of 17 of the pubs in the portfolio which are spread across England and Wales and will then acquire these pubs from G1 on completion of its own change in ownership.
G1 will retain the 12 pubs located in Scotland.
Heineken was ordered to sell 30 pubs by the CMA earlier this year. The remaining site is the the Fleece in Addingham, which has been acquired by leaseholders the Seafood Pub Company.
Admiral, which has an estate of c845 predominantly wet-led pubs, previously acquired 111 pubs from Star Pubs & Bars in 2014.
Kevin Georgel, Chief Executive of Admiral, said: “Just over a month ago we announced new investment into our own business. 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.
“Today, our nationwide estate of community pubs showcases the supported-tied model at its best. Through our distinct and award winning operational approach, our dedicated and passionate team have worked hard to build strong and enduring relationships with our licensees.
“We have an excellent track record of integrating new pub portfolios into our estate and working together with these licensees to invest behind their pub business, building progressive, working partnerships.”
The acquisition is anticipated to complete at the end of November.
CBRE Specialist Markets advised Heineken on the deal.
Simon Johnson of CBRE said “We are delighted to have once again acted for Heineken in a complex process which illustrates not only the demand for high quality tenanted pubs, but also the clear strategic thinking we can bring to a complex process”.
