Admiral Taverns has received just four requests about conversions to a Market Rent Only (MRO) option agreement since the pubs code came into force.
The tenanted and leased pub group revealed the figures as it updated on its financial year to 28 May, during which turnover rose 1.7% to £69.5m.
Underlying EBITDA for the period was up 1.3% to £25.2m, with underlying EBITDA per pub up 4.1%.
Like-for-like income and EBITDA for the core estate were up 1.3%.
During the period the group disposed of 49 sites and ended the year with 887 pubs, with 52 still earmarked for disposal.
The 111 pubs acquired from Star Pubs & Bars in October 2014 generated double digit EBITDA growth in the second half of the financial year (immediately following the first anniversary of Admiral’s ownership). The impact of this acquisition on the group’s EBITDA performance in the current financial year was to add an incremental £1.3m of EBITDA (up to the anniversary of the acquisition) and in the full year ending May 2016 EBITDA for this estate was £3.6m.
During the year the group was named best leased & tenanted pub at the Publican Awards and was the top performing national pubco in MCA’s Tenant Track survey in January 2016.
Chief executive Kevin Georgel said: “Admiral Taverns has had a good year. We have built upon the significant progress made over the last five years and I am delighted to report that through our ambitious investment programme, EBITDA per pub continues to improve. Our strategy remains unapologetically consistent, enabling us to navigate the challenges presented to the industry by the Pubs Code and volatile market conditions and I would like to thank all of our licensees and the Admiral team for their hard work, dedication and entrepreneurship.”
“We remain passionately committed to being the UK’s best operator of wet-led community pubs and firmly believe in the enduring qualities of the supported tied tenanted business model. We are focused on developing an estate of sustainable, well invested pubs that sit at the heart of their local communities, operated by individuals with an entrepreneurial spirit and a passion for their business. Admiral is in good health. We look forward with confidence, we have a strong balance sheet and we are well placed to pursue other strategic opportunities as and when they arise.”
