Magners cider maker C&C on Monday became the latest brewer to buy up swathes of pubs, after it inked a £220 million (US$284.4 million) deal for Admiral Taverns.
Dublin-headquartered C&C Group, which is also behind Tennent’s lager, said it has teamed up with New York fund Proprium Capital to snap up the empire of 845 pubs from US private equity firm Cerberus.
The pair will collectively invest around £80 million (US$103.4 million), plus debt, to pay around US$240 million. Admiral’s management team — who remain in charge — will have a small stake.
The UK pubs are 95% freehold or long leasehold, and operate as part of a tenanted estate.
London sites include The Dutch House in Tottenham and The Lillie Langtry in Kilburn.
Full Content: Telegraph
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