Pub landlord Admiral Taverns has bought 155 sites from Greene King for around £57m, swelling its estate to almost 2,000 pubs.
The acquisition comprises 140 tenanted and leased pubs and 15 managed boozers, predominately located in the South-east of England.
In total, 138 of theses are freehold or long leasehold. The historic earnings before interest, tax and deprecation of the package was £5.3m.
Admiral, which now has 1,950 pubs, has also signed a deal with Greene King to continue retailing its ales at the pubs.
Gary Landesberg, director at Admiral Taverns, said: “These are typical high quality Greene King pubs located in some of the most attractive locations in the South of England, which will strengthen the already strong Admiral portfolio.”
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By Tom Bill
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