Heineken sells off 111 ‘star’ pubs
Heineken has confirmed the sale of 111 of its “star” pubs to the UK-based pub chain Admiral Taverns.
Its star range comprises of pubs with a more “specific identity and profile” – a portfolio of UK sites that will decrease to 1,100 after the sale completes in October 2014.
David Forde, Heineken’s UK managing director, said: “This sale frees up resources and enables us to focus on the core estate which has great scope for growth whilst continuing to showcase our cider and beer brands. We regularly review our estate to ensure that our portfolio contains pubs that have the right profile for our business, and can continue to benefit from our long term investment. Seeking a respected and experienced trade buyer for the sale of these pubs was our preferred option and we are delighted to have achieved that ambition with Admiral Taverns. They will ensure commitment and continued investment in these pubs to drive growth and maximise their potential. ”
As part of the agreement, Admiral Pubs will continue selling Heineken’s ciders and beers across all 111 pubs.
Heineken recently announced an £18 million investment in its Star Pubs & Bars.
Admiral Taverns was founded in 2003 and is based in Chester with tenanted pubs throughout England and Wales.
The addition of Heineken’s 111 pubs will take its total portfolio of pubs to just under 1,000.
Kevin Georgel, Admiral Taverns’ chief executive officer said: “This transaction is an indication of our intention to develop the Admiral business and reinforces our position as the country’s leading community pubs group.”