Pub chain Fuller, Smith & Turner plc has agreed to sell 37 pubs from its Tenanted Inns division to Admiral Taverns for £18.3 million.
The sale represents a £1.6 million premium to the portfolio’s £16.7 million gross asset value.
According to a press release, the 37 pubs generated £1.3 million of profit before tax for the 52 weeks ending 30 March 2024.
“The proceeds from the sale will further strengthen the company’s balance sheet, enabling additional investment in its pubs, as well as supporting future acquisition opportunities, as appropriate,” said Fuller’s.
The disposal is expected to close on 25 June, after which Fuller’s will have 154 pubs within its Tenanted Inns division and 179 properties in its Managed Pubs and Hotels arm.