Heineken has sold 150 pubs in England, Scotland and Wales to Admiral Taverns, predominantly comprising former Punch Taverns sites. The deal is reportedly worth around £50m. Heineken had acquired 1,900 Punch pubs in 2017 but promised to sell 30 on the back of competition concerns. A CMA probe at the time had found the acquisition could reduce competition in 33 areas in Britain. Earlier this year Admiral hired Heineken director Chris Jowsey as its new chief executive, succeeding Kevin Georgel.
Jowsey said: “We are delighted to announce another important step forward in our strategy and ambitions for the business. Admiral has a strong track record of integrating new acquisitions and these new pubs will significantly increase our presence across the UK. Core to Admiral’s approach is our commitment to invest behind our pubs and licensees, supporting them to build vibrant social hubs that can thrive at the heart of their local communities.
“Through this acquisition we are delighted to be able to bring so many new dedicated licensees into our business. On behalf of the team I would like to officially welcome them all to Admiral and look forward to building our long-term working partnerships.”
In September the company also completed its relocation to new headquarters in Chester to better accommodate its expanding operations and support teams. CBRE acted on behalf of Heineken on the deal.