Fuller’s has agreed terms to sell 37 pubs from its Tenanted Inns Division to Admiral Taverns.
The cash proceeds from the deal will be £18.3m, which will be used to strengthen its balance sheet and enable additional investment in its pubs and acquisitions.
A statement from the company said: “Fuller’s is committed to owning and operating both Managed and Tenanted pubs as an integral part of the Company’s future strategy. However, the company proactively manages its pub estate, continually evaluating strategic opportunities and believes that the disposal of this portfolio to Admiral allows the company to focus on the development of its retained Managed and Tenanted estates. “
The disposal is expected to be completed towards the end of June. Fuller’s will then have 154 pubs within its Tenanted Inns Division and 179 properties in its Managed Pubs and Hotels Division.
