UK pubs owner Admiral celebrates Enterprise deal

A British pubs company unveiled its biggest ever acquisition today after agreeing to buy 769 pubs from Enterprise Inns for £318m (€471m).

Admiral Taverns said the tenanted and leased estate of community locals across England and Wales represented an excellent fit with its own portfolio.

It will become the third largest owner and operator of tenanted pubs in the UK behind Punch Taverns and Enterprise Inns, which will have 7,700 pubs following today’s deal.

The sale is the third transaction between Admiral and Enterprise, following Admiral's acquisition of 241 pubs in April 2004 and 41 sites in March 2005.

Admiral chief executive Gary Landesberg said the purchase offered economies of scale from an expanded estate of 1,825 pubs.

He added: “We will continue to seek further acquisitions that fit our model and that will grow the company in size and quality.”

Admiral, which was founded in March 2004 with the intention of building a leased and tenanted business, is jointly owned by the Landesberg and Rosenberg families.

Enterprise said the transaction was part of a plan to improve the quality of its estate by offloading pubs that did not meet its objectives.