Bulmers-maker completes investment in expanding Admiral
The manufacturer, marketer and distributor of branded cider, beer, wine and soft drinks announced in September that it would buy a 47pc stake in Admiral, giving it a greater direct-to-market platform for its broad range of drinks.
At the time C&C agreed to pay £37m (€40.2m) for its stake in the pub chain, which operates mainly in England and Wales.
Admiral confirmed today that it has completed on the acquisition of a portfolio of 17 pubs in England and Wales from Heineken’s Star Pubs and Bars business.
Admiral’s model is well-used in the UK but non-existent in Ireland. Individual entrepreneurs rent pubs from Admiral, which assists them in buying stock.
In October C&C posted half-year results showing that Bulmers had under performed in the Irish cider market, with volumes declining by 5pc, compared to the wider Irish cider market that declined 1pc.
Adjusted earnings at the group fell by 4.6pc year-on-year in the six month period to €57.6m.