Admiral Taverns is reported to have called in PwC to advise on its options going forward – from debt refinancing to sale of the business.
Admiral was founded back in 2004 and ran as many as 2,000 pubs at its peak, though this is now around 1,150. However, it was forced into pre-pack administration in 2009 which, in turn, required Lloyds to write off over £500m.
As a result, Lloyds currently controls the business, and is looking for ways forward, including retaining some or all the debt and equity.
In the meantime, Admiral Taverns continues to dispose of pubs, reducing debt and aiming at an estate of around 800 pubs.