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Morning Briefing for pub, restaurant and food wervice operators

Wed 16th Dec 2015 - Admiral Taverns reports £18.56m of sale proceeds from 81 pubs
Admiral Taverns reports £18.56m of sale proceeds from 81 pubs: Admiral Taverns has reported it sold 62 non-core pubs in its last financial year, with total sale proceeds of £10.6m, which means an average sale price of £170,000 per pub and in line with book value. In addition,19 pubs from its core estate, including three from its 111-strong Star Pubs & Bars acquisition, were sold at an average price of £419,000 each, a 29% premium to book value and producing £7,961,000. Total proceeds from sales were £18,561,000 in the year. The company reported it has 78 non-core pubs left to sell and, since the year-end in May 2015, half of these properties have either been sold or have disposal deals agreed. The company stated: “The majority of the remaining pubs are unlikely to be sold in the short-term because they are either making adequate trading returns for the group or because they are short leasehold properties that we continue to explore alternative exit strategies for.” Admiral reported an independent valuation had shown a 3.5% increase in the value of its estate, “reflecting increased confidence in the wider pub sector and the overall improved operating performance across our estate”. It reported the 111 Star pubs it acquired cost £29.3m with associated deal costs. Santander joined Admiral’s syndicate of external lenders in the year. The company had £118.3m of third-party debt at its year-end. The value of the company’s 938 pubs, including 78 disposal pubs, stands at £238.9m, up 10% from £217.2m the year before thanks the addition of the Star pubs and the aforementioned 3.5% valuation increase. Net shareholder funds increased 38.5% to £82.2m. The company stated: “We see these results as a pivotal moment in the group’s history and, as such, this is the last time that we will refer to the group’s 2009 restructuring. The turnaround is complete and we will concentrate on the exciting development of  the Admiral business as we aim to be the best operator of wet-led community pubs in the sector.” Underlying Ebitda rose 5.3% to £24,880,000 in the year to 30 May 2015 and turnover rose 2.2% to £78,419,000.  

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