Fuller, Smith & Turner will have 154 pubs within its Tenanted Inns Division upon completion of the deal. Credit: Gary L Hider / Shutterstock.

Fuller, Smith & Turner has agreed to divest 37 of its Tenanted Inns Division pubs in the UK to Admiral Taverns for £18.3m ($23.3m). 

Fuller, Smith & Turner’s community-focused, wet-led pubs are located across strategic areas including London, Surrey, Sussex and Hampshire.

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The sale will enhance Fuller, Smith & Turner’s balance sheet significantly.

For the 52 weeks ending on 30 March 2024, the London pubs within the portfolio contributed £1.3m to the company’s pre-tax profits.

The acquisition by Admiral Taverns will increase its estate to 1,420 sites, with more than 300 pubs in the southeast region alone.

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Completion of the deal is scheduled for 25 June 2024.

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Post-sale, Fuller, Smith & Turner’s Tenanted Inns Division will consist of 154 pubs, complementing the 179 properties within its Managed Pubs and Hotels Division.

Fuller, Smith & Turner was advised by Sapient Corporate Finance for the deal.

Admiral Taverns CEO Chris Jowsey said: “Despite the complexities of the macro-economic environment, across our estate we are seeing community pubs, and specifically wet-led establishments, maintaining their popularity amongst locals as people continue to enjoy going out for an affordable treat with family and friends. 

“Wet-led, community pubs have demonstrated real resilience over recent times, and we remain optimistic that our nurturing ethos, entrepreneurial licensees and high-quality estate continue to position the group well to be at the forefront of opportunities in our wider market.”

In March 2024, Admiral Taverns re-opened the White Horse pub in Gosport, UK, following an investment of £239,000 on its refurbishment.