Admiral Taverns Pubs for Sale

Admiral pubs still shifting

Licensed property agents Paramount Investments has sold 20 Admiral Taverns pubs out of the 51 that have been put on the market since 22 January.

The pubs are located across England and Wales, and range in price from £110,000 to £175,000. More than two-thirds of the properties are closed.

Gavin Sherman, head of pubs at Paramount Investments, said: “Every time a new batch of pubs comes on the market, there is an initial flurry as residents find out their local pub’s on the market. We’ve sold 40% in the first five weeks — the remainder need more in-depth marketing or price reductions to get sales. We’re delighted at the pace the initial lot has gone.”

The firm stated that of the 20 already sold, three were purchased by the existing tenants.

Meanwhile, licensed agents Fleurets said there were currently 226 Admiral Taverns pubs on the market.

Krishana Singh, of Fleurets, said: “Since mid-November 2008, when the new batch came on, we have completed on 10 deals, with five more under offer.”

He added that many of the pubs were bottom end and being sold for alternative use, though he emphasised that genuine opportunities did exist. Of the 226 pubs, prices range between £100,000 and £750,000.