Fuller’s to sell 37 tenanted pubs to Admiral

Fuller, Smith & Turner has agreed terms to sell a portfolio of 37 pubs from its tenanted inns division to Admiral Taverns. The cash sale proceeds for the freehold portfolio will be £18.3m, reflecting a £1.6m premium to gross asset value of £16.7m.  The portfolio generated £1.3m of profit before tax for the 52 weeks to 30 March 2024. It consists of community, wet-led sites in London and the Home Counties including Surrey, Sussex and Hampshire.  Fuller said the proceeds would strengthen its balance sheet and enable additional investment in its pubs, as well as support future acquisition opportunities. The deal is expected to complete on 25 June. After that, Fuller’s will have 154 pubs in its tenanted inns division, complementing the 179 properties in its managed pubs and hotels division. Admiral, which is owned by Proprium Capital Partners, said the deal would strengthen its presence in the South East, taking the group’s number of pubs in the region to more than 300. Chris Jowsey, chief executive at Admiral Taverns, said: “Despite the complexities of the macro-economic environment, across our estate we are seeing community pubs, and specifically wet-led establishments, maintaining their popularity amongst locals as people continue to enjoy going out for an affordable treat with family and friends. “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.” Sapient Corporate Finance advised Fuller on the deal. Photo by Global Warming Images/Rex/Shutterstock