C&C sells non-core investment in Admiral Taverns to Proprium Capital Partners

17 May 2022

C&C today announces the sale of its entire minority interest in Admiral Taverns to Proprium Capital Partners, with whom it originally invested into Admiral Taverns in September 2017, for total gross aggregate cash consideration of €65.8m (£55.0m).

The sale of the shares will be completed and consideration will be paid in three tranches during FY2023.

C&C estimate the disposal represents an FY2023 EBITDA multiple of 10.9x. The aggregate proceeds receivable are expected to be used to reduce net debt and contribute to the delivery of our stated medium-term target Net debt/EBITDA multiple of less than 2.0x(xx).

As part of the divestment, C&C has negotiated a long-term supply agreement into the Admiral estate which includes our owned and agency brands.

Admiral Taverns is a tenanted pub group with approximately 1,600 pubs across England and Wales. In FY2022, Admiral Taverns had profit before tax of €4.9m. As at 28 February 2022, the gross assets of Admiral Taverns were €743.3m.