Lancashire pubs change hands as Admiral Taverns seals £222m deal
Admiral Taverns has sealed a £222.3 million deal to snap up community pub rival Hawthorn, which has a number of hostelries across Lancashire, the Fylde and Greater Manchester.
The move will see Admiral further establish its position as one of the UK’s biggest pub groups by purchasing Hawthorn and its 674 sites from retail property investor NewRiver.
The Hawthorn portfolio includes many North West premises including The Bridge at Adlington, The Bourne Arms at Knott End, and the Cherry Gardens at Wigan.
Admiral will expand to more than 1,600 pubs across the UK following a growth plan based on steadily acquiring drink-oriented pubs.
NewRiver entered into the pub industry in 2013 before expanding with its acquisition of Hawthorn in 2018 for £107 million.
In April, the retail investment trust revealed plans to offload Hawthorn as a standalone business.
Chris Jowsey, chief executive of Admiral, said: “It is a really exciting step forward for the business and we remain committed to the supportive partnership model, which is highly regarded by licensees.
“Our wet-led, community focused, supportive culture is very much shared by Hawthorn and I’d like to take this opportunity to welcome our new licensees and colleagues to Admiral.
"The acquisition has allowed us to acquire an excellent portfolio of pubs which we look forward to developing through our award-winning and highly supportive approach.”
He added: “During the pandemic Admiral has consistently championed its community pubs, offering significant rent aid and reopening support as well as lobbying the Government on key issues such as hospitality grants, reducing business rates and VAT, and economic support for the hospitality sector.
**Thankyou for reading. To keep up to date with all the local news, please consider subscribing to our website.
Full details are here: https://www.lep.co.uk/subscriptions