Cerberus Said to Pay About $320 Million for Pub Owner AdmiralStephen Morris
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.