Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Cerberus Said to Pay About $320 Million for Pub Owner Admiral

Jan. 4 (Bloomberg) -- Cerberus Capital Management LP acquired Admiral Taverns Ltd., an operator of 1,100 U.K. pubs, for about 200 million pounds ($320 million), according to three people with knowledge of the deal, who asked not to be identified because the terms are private.

Cerberus bought the pub business from Lloyds Banking Group, according to an e-mailed statement. Lloyds has no remaining debt or equity interest in the company, Admiral said.

Nick Oborne, a London-based spokesman for Cerberus, and Ian Kitts, a spokesman for Lloyds in London, declined to comment on the terms of the deal.

Lloyds took a stake in the Hitchin, England-based company in November 2009 as part of a financial restructuring in which much of the company’s debt was written off. HBOS Plc, which Lloyds acquired in January 2009, had lent Admiral about 850 million pounds.

“Admiral’s business provides an ideal platform for the acquisition of additional tenanted pubs in the U.K.,” Lee Millstein, senior managing director at Cerberus, said in the statement.

The existing management team, led by executive chairman Jonathan Paveley, will remain in place, the company said.

To contact the reporter on this story: Stephen Morris in London at smorris39@bloomberg.net.

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.