Admiral Taverns Reports Strong Growth as Acquisitions and Pub Investment Drive Record Profits

Community pub group Admiral Taverns has reported a significant uplift in profitability for the 53 weeks ended 1 June 2025, with underlying profit from operations rising 19% to £45.6m, as the group delivered on its strategic ambitions through targeted acquisitions and substantial estate investment.

The group, which is owned by real estate private equity firm Proprium Capital Partners, grew its estate to 1,365 pubs during the period, underpinned by £31.5m of pub investment across both its Leased & Tenanted and Operator Managed portfolios.

Group turnover climbed to £210.4m from £194.5m the previous year, with gross profit reaching £122.0m. Underlying EBITDA rose to £68.9m from £60.8m, while the group returned to profit after tax, posting a £2.0m gain against a loss of £4.7m in 2024.

The year also marked the group’s first acquisitions since its Hawthorn deal in 2021, with 37 pubs purchased from Fuller’s in July 2024 to bolster its presence in London and the South East, followed by 18 community pubs acquired from Marston’s in September 2024. A further 21 pubs from RedCat Hospitality were acquired post year end in November 2025, signalling continued momentum into the new financial year.

Admiral’s Operator Managed division, Proper Pubs, expanded to 222 sites as the group maintained its focus on wet-led community locals run by entrepreneurial licensees. The group’s estate net book value increased to £748.7m, up from £613.2m in 2024.

Chief executive Chris Jowsey said the results demonstrated the resilience of the business in a difficult trading environment. “Despite challenging wider macro-economic circumstances, we were pleased to deliver the first two acquisitions since our Hawthorn acquisition in 2021, with a further 55 sites added to our portfolio,” he said.

Jowsey also highlighted the strength of Admiral’s licensee relationships, pointing to industry survey results showing that eight in ten licensees would recommend the group to fellow publicans. “Our licensee-centric model is vital to the success of the business,” he added.

On the regulatory front, Jowsey welcomed the Government’s announcement of a revised business rates regime for the pub sector, describing it as a positive step while calling for longer-term reform. “We remain hopeful that this is the first step in a longer-term permanent overhaul of the unfair business rates system,” he said.

Looking ahead, Admiral said current trading is ahead of expectations and that the group remains well positioned to continue delivering profitable growth and strategic progress through 2026.