Admiral Taverns has acquired 376 tenanted pubs previously operated by the Pyramid Pub Management Company in a deal worth £137.35m, M&C has learnt. The transaction, which is expected to complete at the end of February, takes the Admiral estate to 1,200 pubs. It is thought that Paul Davies, chairman and chief executive of Pyramid, will leave the business following a short handover, as will Neil Roe, managing director of operations. Davies told M&C: “Pyramid has been a great success story. “We started with broken assets and now some very fine pubs are being passed to an organisation with great ambitions in this market. “I am delighted that my colleagues are moving to a bigger organisation with all the benefits that brings.” Pyramid was formed out of the Paramount pub business and bottom-end packages from Wolverhampton & Dudley. Based in Chester, it has pubs across the UK with concentrated pockets in the West Midlands and North Wales, Admiral, which is a joint venture between the Landesberg family, the Rosenberg family and Galliard Homes, is led by Lynne D’Arcy, the former managing director of Burtonwood. The pubs operated by Pyramid were previously owned by Royal Bank of Scotland through a holding company called KUC. The deal saw Admiral acquire both the freehold interest of KUC plus the entire share capital of Pyramid Pub Management Company. It is not clear if Admiral intend to keep Pyramid’s Chester office open. PC Hansen & Co advised Pyramid while Citigroup advised Admiral.