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Admiral Taverns set to navigate Budget tax increases

Pub company Admiral Taverns has revealed that it is in a good position to deal with the impact of upcoming tax and wage increases.

The business, which is owned by private equity firm Proprium Capital Partners, runs approximately 1,400 sites, told The Independent that sales so far this year have been stronger than expected and shrugged off pressures facing consumer finances.

Admiral Taverns reportedly saw underlying adjusted profits of £59.7 million for the year to 26 May last year.

The company outlined that it was supported by investments, including £36.8 million spent on improving its pub estate over the year and explained that it is “continuing to explore opportunities to add further sites”, with backing from Proprium Capital Partners.

According to reports, as a business, Admiral has grown in the new financial year on the back of a raft of acquisition deals, snapping up 37 sites from Fuller’s in June last year and 18 sites from Marston’s.

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The pub group has also reported positive trading so far in the financial year, with sales up to January surpassing previous targets.

As a result, the pub company has asserted that it is “well positioned to weather the impact of budget changes to NIC (national insurance contributions) and business rates”.

Speaking about the business’s position and outlook, Admiral Taverns chief executive Chris Jowsey told the paper: “I’m particularly proud of the strong progress we have made against our strategic plans, delivering profitable growth across our estate as we continue to expand our footprint and cement our position as a champion of UK community pubs.”

He explained: “As we look to the future, we remain focused on driving further improvements to enhance our support offering and will continue to look for opportunities to expand our community pub estate.”

Jowsey added: “Current trading is ahead of our expectations, demonstrating the strength and resilience of our business and estate, and the group remains well positioned to continue to deliver profitable group growth and sustained strategic progress.”

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