Addleshaw Goddard advises Admiral Taverns on US investment
Addleshaw Goddard has advised Admiral Taverns, one of the largest pub companies in the UK, on its £200m acquisition by US-based private investment firm, Cerberus Capital Management.
The Addleshaw Goddard team, led by corporate partners Philip Goodstone and Yunus Seedat and legal director Richard Robinson with support from a cross-divisional team of 30 legal experts, acted for the Admiral shareholders throughout the complex transaction.
The deal delivers fresh investment to support Admiral’s strategic business objectives and growth plans. The company will remain under management of executive chairman Jonathan Paveley and the existing executive management team to continue this new phase in the development of the business.
Cerberus Capital Management’s investment replaces Lloyds Banking Group’s majority share of the business providing a debt and equity exit for Lloyds.
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The past five years have not been easy for Addleshaw Goddard. The firm’s revenue fell 7 per cent from £173.1m to £161.9m between 2008/09 and 2010/11 and despite finances looking up in 2011/12, when Addleshaws reported a 30 per cent increase in net profit, it has shown no notable compound growth in turnover since 2007/08.