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 a three partner team on the transaction, advising 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. The firm has 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 was set up in 2004 and has put in place an aggressive growth strategy.
Admiral co-founder Gary Landesberg said that the group would continue to expand its pub portfolio when and where appropriate opportunities arose.
This is good news for Addleshaws and relationship partner Andrew Shufflebotham, who has been a key adviser to the pub group over the past two years.