Addleshaws, Camerons bag £318m pub sell-off

Addleshaw Goddard and CMS Cameron McKenna have both scooped roles advising on Admiral Taverns’ purchase of 769 pubs from Enterprise Inns for £318m.

Addleshaws advised Admiral Taverns on the deal, with property partner Andrew Shufflebotham leading the team. Camerons put together a three-partner team to advise Enterprise Inns.

Corporate partner Sean Watson headed the team, which included real estate partner Martin Pennell and tax partner Richard Croker.

Enterprise Inns is a long-term client of Camerons, having been chief adviser to the pub group since 1991. In 2002 Camerons advised Enterprise Inns on more than £3bn worth of transactions, including its £875m acquisition of 1,860 pubs from Laurel Pub Holdings and a related £295m rights issue.

The deal brings Admiral Taverns’ portfolio of pubs to 1,825, making it the third-largest pub chain owner and operator in the UK. Enterprise Inns still retains 7,700 pubs and is the second-largest pub group in the country.

Admiral Taverns was set up in 2004 and has put in place an aggressive growth strategy. Its co-founder Gary Landesberg said the group will continue to expand its pub portfolio when and where opportunities arise.