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C&C Group Takes Minority Stake in Admiral Taverns

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C&C Group Takes Minority Stake in Admiral Taverns

C&C Group Takes Minority Stake in Admiral Taverns
September 05
10:50 2017

C&C Group, the Dublin-based international drinks business, is acquiring a 47% stake in Admiral Taverns, which currently owns and operates 845 pubs, mainly in England and Wales, for £37 million. C&C Group is acting in partnership with Proprium Capital Partners and Admiral management to acquire the entire issued share capital of Admiral.

C&C Group’s investment will be funded from existing facilities and Admiral will be accounted for as an associate of C&C. C&C believes that the investment will deliver significant economic and route-to-market benefits to its businesses in Great Britain through participation in a resilient and growing earnings stream from a quality, tenanted pub estate, and by providing direct access to 845 pubs, through a procurement and supply agreement.

C&C Group manufactures, markets and distributes branded beer, cider, wine, soft drinks and bottled water. C&C Group brands include: Bulmers, the leading Irish cider brand; Tennent’s, the leading Scottish beer brand; Magners, the premium international cider brand; as well as a range of niche and super premium ciders and beers, such as Menabrea, Heverlee, Chaplin & Corks and the recently acquired craft cider – Orchard Pig. C&C Group also owns and manufactures Woodchuck, a leading craft cider brand in the United States and manufactures and distributes a number of third party international beer brands in Scotland and Ireland. C&C is also a leading drinks wholesaler in Scotland and Ireland, where it operates under the Tennent’s and C&C Gleeson brands respectively. Listed on the Irish and London Stock Exchanges, C&C Group has manufacturing operations in County Tipperary in Ireland, Glasgow in Scotland, and Vermont in the US.

Admiral pubs are 95% freehold or long leasehold, in predominantly suburban or city locations and are operated as a tenanted estate. The management team at Admiral will remain invested and continue to lead the business. In Admiral’s latest audited accounts for the 52 weeks ended 28 May 2016, the group had underlying EBITDA of £25.2 million and an underlying EBITDA margin of 36.2%. As at 28 May 2016, the gross assets of the Admiral business were £231.8 million and the gross property assets were valued at £244.3 million.

The transaction is subject to FCA approval only and is expected to complete by the end of November 2017.

Stephen Glancey, chief executive of C&C Group.

Stephen Glancey, chief executive of C&C Group, comments: “The local pub remains at the heart of many suburban and city communities – often the hub of local activity and their economic and social contribution is immeasurable. C&C has a long and successful track-record of supplying and providing financial support to local pubs within the independent free-trade in Scotland and Ireland. In the UK, the tenanted pub model is a key component of the pub industry. When well invested, and with the right operator and product range, it can provide excellent sustainable returns to all participants.”

He adds: “For C&C, this is an attractive opportunity to create a new long term investment in the important on-trade channel, without taking significant financial and operational risk. The investment will provide our brands with improved distribution in some of the best community pubs across the UK, with an opportunity to enhance on-trade penetration further over time.”

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