September 4, 2017 / 6:43 AM / 10 months ago

UPDATE 2-C&C invests in UK chain Admiral to access 845 pub network

(Adds CFO says hopes for further acquisitions)

Sept 4 (Reuters) - C&C Group Plc:

• ‍agrees to acquire entire issued share capital of Admiral Taverns in partnership with Proprium Capital Partners and Admiral management

• investment will provide direct access to 845 pubs, mainly across England and Wales

• sees mid-single digit earnings accretion and attractive returns on equity in the first full financial year following completion;

• ‍equity investment by C&C is £37m representing 47% of issued capital of Admiral​

• ‍investment will be funded from existing c&c facilities and admiral will be accounted for as an associate of c&c

• CFO says hopes to see aditional pub acquisitions in coming 12 months’ would be acquired through Admiral platform

• “This is a good platform for us to go on and build the estate further,” CFO Jonathan Solsbury says

​ Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)

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