C&C Group plc (“C&C”), in partnership with Proprium Capital Partners & Admiral Taverns management, has agreed to acquire the entire issued share capital of Admiral Taverns, providing an exit for Cerberus Capital Management.
Admiral currently owns and operates 845 pubs, mainly in England and Wales, with a broad geographic distribution. The pubs are 95% freehold or long leasehold, in predominantly suburban or city locations and are operated as a tenanted estate. The management team at Admiral of Kevin Georgel, Andy Clifford and Glenn Pearson will remain invested and continue to lead the business. They are well regarded within the industry and Admiral has won multiple industry awards and has received consistent recognition from its tenants for its forward looking, operational approach.
Liberty Corporate Finance advised the Admiral management team on their rollover investment in the new structure and the management incentive plan going forward. Our advice included ensuring that the capital structure going forward incorporated a number of bespoke provisions dealing with the JV nature of the Newco group.
The transaction is subject to FCA approval only and is expected to complete by the end of November 2017.
Liberty provided advice on their rollover investments in the new structure and the management incentive plan
Kevin Georgel, the Chief Executive of Admiral, said: “Recent years have seen Admiral Taverns go from strength to strength and I am delighted that with the support of our new investors we will have the platform in place to continue our development and execute our growth plans.”