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.

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.

Completion of the deal is scheduled for 25 June 2024.

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.