Admiral Taverns has announced that it has acquired the entire issued share capital of the Hawthorn pub portfolio from real estate investors NewRiver, for a total consideration of approximately £222.3m.
Hawthorn currently operates 674 pubs through a mixture of tenanted, leased and operator managed sites across the UK.
The acquisition will take Admiral’s estate to over 1,600 pubs and will be funded through debt provided by the group’s current lenders, together with capital provided by existing investor, Proprium Capital Partners.
Chris Jowsey, chief executive of Admiral Taverns, said: “This is one of the biggest acquisitions by Admiral to date and delivers on our strategy to build our estate to 1,500 sustainable pubs.
“Our wet-led, community focused, supportive culture is very much shared by Hawthorn and I’d like to take this opportunity to welcome our new licensees and colleagues to Admiral.”
Allan Lockhart, chief executive of NewRiver, added: “Over recent years, we have grown Hawthorn to become the UK’s leading community and wet-led pub business. As a consequence of this, we received significant interest from a range of potential buyers for Hawthorn, following the divestment plan we announced in April 2021.
“We have now agreed the sale of Hawthorn which, once completed, will deliver on our key priority to reset Loan to Value, strengthening our balance sheet and enabling us to focus on executing our resilient retail strategy.”