Admiral Taverns acquires 37 pubs from Fuller’s

Admiral Taverns has announced that it has reached an agreement to acquire a portfolio of 37 freehold pubs from Fuller’s for a total consideration of £18.3m.

The portfolio of 37 community, wet-led sites spans London and the Home Counties including Surrey, Sussex and Hampshire. 

The group said the acquisition not only scales its UK wide estate to a total of over 1,420 pubs, but further strengthens Admiral’s presence in the South-East of England, taking the group’s number of pubs in the region to over 300.  

Admiral has a track record of acquiring pubs and unlocking new growth opportunities through its operations-centric approach. Over the past 12 months, the group has continued to carry out its strategic commitment to develop and maintain a high-quality estate of successful, individual wet-led community pubs, investing £39m across its portfolio, with support from its investor Proprium Capital Partners. 

Investments have ranged from major interior and exterior refurbishments, through to sustainability upgrades to many individual pubs. 

Chris Jowsey, CEO of Admiral Taverns, said: “I’m delighted to welcome our new licensees to the Admiral team, and we’re excited by the  opportunity to develop these pubs in partnership together. These 37 pubs are an excellent acquisition for our business, increasing our reach in the South-East of the UK.  

“As 2024 Community Pub Operator of the Year, we look forward to working with licensees to develop  their brand range and consumer offer to people in their local neighbourhood. Our focus on helping  licensees to maximise the revenue potential of their pub will help them to build their business, whilst  providing a vibrant social amenity for their community. Together, we look forward to growing the  profitability of these pubs and ensuring they continue to develop as successful small businesses.”

Jowsey added: “Wet-led, community pubs have demonstrated real resilience over recent times, and we remain optimistic that  our nurturing ethos, entrepreneurial licensees and high-quality estate continues to position the group well to be at the forefront of opportunities in our wider market.” 

Fuller’s announcement said: “The company proactively manages its pub estate, continually evaluating strategic opportunities and believes that the disposal of this portfolio to Admiral allows the company to focus on the development of its retained managed and tenanted estates.”