Beer and cider maker C&C has completed its €40 million minority investment in Admiral Taverns.
It is understood that C&C will take a 47 per cent stake in Admiral, which today confirmed it had completed the acquisition of a portfolio of 17 pubs in England and Wales from Heineken’s Star Pubs and Bars Business.
The Bulmers producer listed on the Irish and London stock exchanges said that further to its September announcement, “all conditions of its investment in Admiral have now been satisfied and the transaction has completed.”
The company is investing in Admiral alongside Proprium Capital Partners, a property firm, who will take a slightly higher stake in the pub chain.
When announcing the investment in September, C&C chief executive Stephen Glancey said it was an “attractive opportunity to create a new long term investment in the important on-trade channel, without taking significant financial and operational risk.”
Admiral, which has been sold by hedge fund Cerberus, operates 845 across the UK.
Source: The Irish Time