C&C pours investment into British pub chain
C&C has closed the acquisition of a stake in a UK pub chain, which has also expanded via a fresh acquisitions. It gives the Irish drinks-maker a better launch pad into England and Wales.
The Irish-headquartered maker of Bulmers cider confirmed yesterday that it had completed its investment in the UK pub chain Admiral Taverns.
At the same time, Admiral said that it had completed its own acquisition of a portfolio of 17 pubs in England and Wales from Heineken's Star Pubs and Bars business.
Admiral's tenanted pub model is well-used in the UK but non-existent in Ireland. Individual publicans rent pubs from Admiral, which in turn assists them in buying stock.
C&C announced in September that it would buy a 47pc stake in Admiral. While C&C's Bulmers cider and Tennants lager are market leaders in Ireland and Scotland, the deal gives it a greater direct-to-market platform in the key English market it has struggled to crack.
C&C agreed to pay £37m (€40.2m) for its stake in Admiral.
In October C&C posted half-year results showing earnings down 4.6pc year-on-year in the six month period to €57.6m.