Admiral Taverns is likely to sell on 140 pubs from the package of 869 pubs it acquired from Punch for £326m last week, writes Paul Charity. The company, which is led by Gary Landesberg, tends to sell on between 12 and 15% of pubs within the packages it acquires. Selling off 140 pubs is likely to raise around £50m - average price paid for the Punch package was £375,000 per pub. A total of 58 pubs within the Punch package have been identified as "gold bricks", sites that have an alternative use value well above their book price. The purchase of 869 pubs takes Admiral Taverns to around 2,700 sites. However, the company is likely to settle at just below the 2,500 pubs after it sells the 140 sites and a further 90 pubs from the existing estate that are currently on the market.