G1 expands its pub presence in Scotland
Heineken has sold the 30 pubs it was ordered to dispose of by the Competition and Markets Authority (CMA) as part of its takeover of Punch.
Admiral Taverns has bought 17 pubs in England and Wales, G1 Group has acquired the 12 sites in Scotland while Seafood Pub Company has added the Fleece in Addingham to its portfolio.
CBRE has advised Heineken on the sale of the 30 pubs in England, Scotland and Wales.
In a transaction heavily prescribed by CMA rules, CBRE identified a significant number of bidders that fulfilled the requirements and invited bids through structures that would enable all 30 pubs to be sold in a limited timescale.
The pubs are from both the Star Pubs & Bars portfolio and Punch A.
This is the second time CBRE has assisted Heineken in a CMA process – the first being its purchase of 13 pubs from Greene King post the Spirit acquisition in 2015, and followed on from the sale of 111 pubs for Heineken in 2014.
Simon Johnson, of CBRE, said: “We are delighted to have once again acted for Heineken in a complex process which illustrates not only the demand for high-quality tenanted pubs, but also the clear strategic thinking we can bring to a complex process.”
Admiral Taverns is currently completing on the sale of its own business, with new investors Proprium Capital Partners and C&C Group supporting its growth strategy.
Chief executive Kevin Georgel said: “Just over a month ago we announced new investment into our own business.
Our new investors support our ambitious growth plans and as stated at that time we intend to be at the forefront in reviewing all opportunities as and when they arise in the market.
This acquisition is early testament to our commitment to this growth strategy and I am delighted to be able to welcome these high-quality licensees and pubs into the Admiral business.
Today, our nationwide estate of community pubs showcases the supported-tied model at its best.
Through our distinct and award-winning operational approach, our dedicated and passionate team have worked hard to build strong and enduring relationships with our licensees.
We have an excellent track record of integrating new pub portfolios into our estate and working together with these licensees to invest behind their pub business, building progressive, working partnerships.”