C&C sells stake in Admiral Taverns
The drinks company behind Bulmers and Tenant’s originally invested in the community pub company in September 2017 alongside Proprium.
The sale of the shares will be completed and consideration will be paid in three tranches during FY2023.
C&C estimates the disposal represents an FY2023 EBITDA multiple of 10.9x.
As part of the divestment, C&C has negotiated a long-term supply agreement into the Admiral estate which includes our owned and agency brands.
Admiral Taverns is a tenanted pub group with approximately 1,600 pubs across England and Wales.
C&C reported full year revenue for 2022 up 87.8% to £1.2bn. Operating profit was £40.5m.
David Forde, C&C group chief executive, said: “Following a period of unprecedented challenges for the hospitality sector, we are delighted to be back serving our customers and delivering our iconic and much-loved brands to our on-trade and off-trade partners.
“Encouraged by the reaction and resilience of the industry, we are pleased with how trading has recovered and the subsequent strength of customer and consumer demand, which we believe reflects the enduring importance of the on-trade and the role that it plays in our society.”
