Admiral Taverns has completed a £760m debt refinancing. The Times. Daily Telegraph
The acquisitive pubs group, has amassed £1bn worth of buying power after securing a three-year debt facility from
Chief executive Gary Landesberg said there was no immediate purchase lined up. ‘We are waiting to see who puts their head above the parapet. If we cannot spend the money, we will decide what else to do with it.’
Admiral’s bought 88 pubs for £31m from Whitbread several years ago and has since acquired hundreds of pubs from operators such as Greene King and Enterprise Inns. Earlier this year, it bought 869 pubs worth £327m from Punch Taverns.
It now has more than 2,600 pubs, making it the third-largest tenanted pub owner in the UK.