Activities
Admiral Taverns is an independent pub operator that has grown rapidly since its formation in late 2003 to become the UK's third largest player in the tenanted and leased sector within just three years.
It reached 1,200 properties within the first 15 months of its existence and clinched six bulk acquisitions in 2005 alone.
Admiral specialises in wet-led, community pubs in largely urban and suburban settings that range from young people’s venues to traditional village pubs. 96% of its properties are freeholds or long leaseholds.
The group is owned by a consortium of property investors comprising Alan and Gary Landesberg (of the Mapleleaf Group), David and Elliott Rosenberg (of the Rosscourt Group) and Galliard Homes.
The three owners have also built up a presence in the hotel sector, starting with the creation of Jefferson Hotels in October 2005 to buy nine former Moat House hotels that are run as Park Inns by Rezidor SAS.
The trio also own Washington Hotels, which leases 19 former Corus hotels to Folio Hotels, along with London's St James's Club and Radisson SAS-operated Portman hotel, while Galliard Homes is developing hotels in partnership with Park Plaza Hotels Europe.
Timeline
- December 2003: Admiral Taverns is incorporated by Alan and Gary Landesberg, David and Elliott Rosenberg and Galliard Homes.
- March 2004: Admiral buys 241 pubs for £62.6m from Enterprise Inns, which are sold to quell competition fears following Enterprises’ £608.9m acquisition of the Unique Pub Company. Admiral subsequently sells on 156 northern properties to County Estate Management, leaving it with 85 pubs in the south of England that cost it a final £28.9m.
- September 2004: The group buys 88 pubs from Punch Taverns for £22.6m which are sold to head of monopoly concerns following Punch’s £335m acquisition of the 1,000-strong InnSpired estate.
- March 2005: Admiral snaps up 34 Greene King pubs for £14.85m and 41 pubs from Enterprise Inns for £10.45m.
- June 2005: Avebury Taverns sells 253 bottom-end pubs to Admiral for £69.75m. having sold its 419 top-end pubs to Punch Taverns for £219m.
- August 2005: The group buys 127 Heritage Pub Company pubs from the Globe Pub Company (which bought Heritage in June) for £34.4m. The deal brings its total tally of tenanted and leased pubs to 627.
- September 2005: Admiral acquires 45 former Avebury pubs for £14.8m from Punch Taverns.
- December 2005: The group buys 203 properties from Punch Taverns for £40m, bringing its estate to more than 800 pubs.
- March 2006: Admiral agrees to pay £137.5m in cash for 376 tenanted community and rural pubs from KUC (a subsidiary of the Royal Bank of Scotland) which are operated by the Pyramid Pub Company. The deal takes its estate beyond the 1,100 mark.
- March 2006: Admiral agrees to buy 769 pubs from Enterprise Inns for £318.1m in its biggest deal to date, which completes in September. One-quarter are in London and the South-east and the deal – Admiral’s third with Enterprise – brings its estate to the 1,825 mark.
- June 2006: Admiral buys 155 pubs from Greene King for £57m, mostly in the South-east, of which 140 tenanted or leased and 15 are managed. The acquisition brings the pub tally to 1,950.
- April 2007: Punch agrees to sell 869 tenanted pubs to Admiral for £326m. The deal brings the Admiral estate up to 2,700 pubs, making it the third largest leased and tenanted operator in the UK.
- July 2007: Admiral negotiates a three-year debt of £760m with the Bank of Scotland and Irish Nationwide Building Society to refinance 1,755 pubs from its 2,600-strong estate. The deal provides the group with a £1b war chest for “acquisitions and development of the company”.
Operating data
Number of pubs: more than 2,700
Strategy
“The acquisition process for new pubs is continuing apace, supported by a business vision to become one of the UK's largest tenanted and leased pub operators. Our aim is to run a sustainable, quality estate, supported by a substantial ongoing capital investment programme to enhance and develop our pubs.”
Source: company website
Chief executive
Gary Landesberg
Key directors
Directors: Alan Landesberg, David and Elliott Rosenberg
Joint managing directors: Lynn D’Arcy, Andy Clifford
Finance director: Bob Hayden
Operations director, north: John Hitchmough
Operations director, south: Robin Woods
Penn House
30 High Street
Rickmansworth
Hertfordshire
WD3 1EP
Tel: 01923 726 300
Website: http://www.admiraltaverns.co.uk
