Cerberus buys Admiral Taverns from Lloyds

The deal is said to be worth up to £200m. For Lloyds, which acquired Admiral in November 2009 as part of a refinancing, the divestment is a complete debt and equity exit.

Admiral accrued up to £1bn of debt when the UK implemented the smoking ban in pubs, according to reports.

Company
Admiral Taverns is a Chester-based operator of tenanted pubs across the United Kingdom, counting 1,100 pubs in its portfolio. 

People
Lee Millstein, senior managing director, led the deal on behalf of Cerberus. The current management led by executive chairman Jonathan Paveley and managing director Kevin Georgel, will stay with the firm.  

Advisers
Equity – Sapient Corporate Finance (Corporate finance); Linklaters, Matthew Elliott (Legal).
Vendor – PwC (M&A).

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• Topics
• UK / Ireland
• Consumer
• Buyouts
• Lloyds
• Cerberus Capital Management
• United Kingdom
• Linklaters